EUR/USD, H4 7 March 2024
The Euro has strengthened against the dollar, reaching its highest level in over a month, propelled by a weakening dollar. Anticipation surrounds the upcoming ECB interest rate decision, with the market expecting the ECB to maintain a stance of being "in no hurry" to cut interest rates in its policy statement. This sentiment has led the Euro to trade robustly against the dollar.
The EUR/USD pair has broken from its weeks-long sideways trajectory, and a break from the above suggests a bullish bias signal for the pair. Suggesting that bullish momentum is gaining.
Resistance level: 1.0954, 1.1040📉
Support level: 1.0866, 1.0775📈
The Euro has strengthened against the dollar, reaching its highest level in over a month, propelled by a weakening dollar. Anticipation surrounds the upcoming ECB interest rate decision, with the market expecting the ECB to maintain a stance of being "in no hurry" to cut interest rates in its policy statement. This sentiment has led the Euro to trade robustly against the dollar.
The EUR/USD pair has broken from its weeks-long sideways trajectory, and a break from the above suggests a bullish bias signal for the pair. Suggesting that bullish momentum is gaining.
Resistance level: 1.0954, 1.1040📉
Support level: 1.0866, 1.0775📈