EUR/USD, H4 18 April 2024
The EUR/USD pair experienced a technical rebound from its recent lows, supported by a softening U.S. dollar. Yesterday’s Eurozone CPI data came in at 2.4%, closely aligned with the European Central
Bank's (ECB) target rate of 2%. Contrasting with the recent hawkish remarks from the Fed Chair, the softer Eurozone CPI has led market participants to speculate that the ECB might consider its first rate cut as early as June. This anticipation could potentially apply long-term downward pressure on the Euro.
EUR/USD has broken above its consolidation range and formed a higher high price pattern,
suggesting a trend reversal signal. Suggesting bullish momentum is forming.
Resistance level: 1.0700, 1.0775📉
Support level: 1.0560, 1.0500📈
The EUR/USD pair experienced a technical rebound from its recent lows, supported by a softening U.S. dollar. Yesterday’s Eurozone CPI data came in at 2.4%, closely aligned with the European Central
Bank's (ECB) target rate of 2%. Contrasting with the recent hawkish remarks from the Fed Chair, the softer Eurozone CPI has led market participants to speculate that the ECB might consider its first rate cut as early as June. This anticipation could potentially apply long-term downward pressure on the Euro.
EUR/USD has broken above its consolidation range and formed a higher high price pattern,
suggesting a trend reversal signal. Suggesting bullish momentum is forming.
Resistance level: 1.0700, 1.0775📉
Support level: 1.0560, 1.0500📈