Let's dive into the intricacies of EURUSD today, shall we?
Today, EURUSD remains unable to find its way back to a bullish path, with the price hovering around 1.0823, trapped in a downward trajectory without breaching the price channel. The dollar's incremental rise has kept the bullish momentum alive, elevating the USD Index (DXY) close to the 104.50 mark. As the day unfolds, we anticipate the final Q4 GDP growth rate, followed by the usual Weekly Initial Jobless Claims, Pending Home Sales, and the final read of the University of Michigan's Consumer Sentiment.
EUR/USD is playing defense, adding to its prior losses and potentially setting the stage for another visit to the 1.0800 area. If upcoming data continues to favor the USD, the outlook for this pair likely points downwards, with a break below the current support paving the way for further declines along the established price channel.