The EUR/USD pair has experienced a deeper decline, touching its lowest point in 2024 at 1.0861 (as of January 16). It is now approaching a critical level, the 200-day Simple Moving Average (SMA) at 1.0847. If this support is breached, the December 2023 low of 1.0723 (on December 8) may reappear, preceding the weekly low of 1.0495 (on October 13, 2023), followed by...
Euro marked its strongest two-month performance in a year, surging 4.4% against the US dollar in November and December 2023.
The dollar's weakness largely contributed to this rise, driven by expectations of swift rate cuts from the Federal Reserve, eroding its competitive edge.
The European Central Bank (ECB) countered rate-cut pressures. Despite the Fed's...
EUR/USD faces pressure from a stronger US Dollar, hovering near 1.0941, down 0.02%. Daily indicators suggest a potential downtrend continuation if it breaks below 1.0920. On the 4-hour chart, recovery is uneven from oversold levels, with potential further decline under 1.0920. Economic data and FOMC minutes await, as market sentiment remains cautious amid...
Technical Outlook:
The EUR/USD rate lingers around 1.1050, swinging between the 50-hour and 200-hour SMAs as 2023 draws to a close.
Post-holiday trading will transition into an extended break after the New Year, with EUR/USD finding technical support from the 200-hour SMA just above 1.1000.
Daily candlesticks reflect an overbought scenario as the Euro retreats...
EUR/USD faced challenging retracements on Thursday as thin holiday trading stirred volatility around the final trading day of 2023.
The Euro (EUR) swiftly climbed to a 21-week high of 1.1140 early on Thursday as broader markets continued to shed the US Dollar (USD) on expectations of a rate cut from the Federal Reserve. However, market over-expectations regarding...
EUR/USD extended its rise above 1.1100 in the Asian session on Thursday, supported by a weaker US dollar. Despite overbought technical indicators, the pair confirmed the breakthrough above 1.1000. The upward trend remains strong, with potential consolidation between 1.1110 and 1.1080. Key support lies at 1.1050, followed by the 20-period SMA at 1.1030. Corrections...
Our technical outlook for EUR/USD remains unchanged as we await shifts in performance, likely to occur with the return of investors and market activity post the holiday season. Currently, examining the daily chart, there's a discernible upward trend in the pair's performance, holding steady around and above the psychological resistance level of 1.1000. If the...
The Australian Dollar experienced a notable surge as the US Dollar dipped close to its monthly lows. The Reserve Bank of Australia will assess additional data to shape future monetary policy decisions. Softened data from the US reinforces expectations of the Fed easing monetary policy in early 2024, with Q3 annual GDP and QoQ core PCE dropping by 4.9% and 2.0%,...
The swifter interest rate cuts in the United States compared to elsewhere signal a more pronounced weakening of the dollar. The U.S. interest rate reductions are also expected to bolster the global economy, commodity and energy prices, as well as risk sentiment. Consequently, risk-sensitive currencies like NOK and SEK are anticipated to perform well in the near...
The EUR/USD pair shows modest gains, reaching its highest level in four months during the early hours of Asian trading on Friday. The weakened U.S. dollar and the European Central Bank's hawkish stance have bolstered this currency pair. Trading around 1.1008, the main currency pair has increased by 0.05% for the day. The EUR/USD rate is poised to close at its...
In the Asian trading hours on Wednesday, EUR/USD continues to face resistance below the 1.0800 level. The market adopts a cautious stance, awaiting the U.S. Producer Price Index (PPI) inflation data and key policy announcements from the Federal Reserve later in the day. The EUR/USD pair finds support from the 100-day Simple Moving Average (SMA) and encounters...
The EUR/USD pair is trading in a narrow range around 1.0760 at the start of the Asian trading session on Tuesday. Traders prefer to stay on the sidelines ahead of key events in the US and the Eurozone. The pair is hovering around 1.0764, unchanged for the day. The EUR/USD exchange rate is trading near the 100-day Simple Moving Average (SMA). On the daily chart,...
EUR/USD faced significant downward pressure, dropping to its weakest level in three weeks below 1.0750 on Friday following a stronger-than-expected Non-Farm Payrolls (NFP) report. However, weekend flows helped the currency pair recover some daily losses. The Relative Strength Index (RSI) on the 4-hour chart is higher but remains below 50, indicating a lack of...
EUR/USD faced significant downward pressure, dropping to its weakest level in three weeks below 1.0750 on Friday after stronger-than-expected Non-Farm Payroll (NFP) data. However, weekend flows helped the pair recover losses, erasing the daily downturn. The Relative Strength Index (RSI) on the 4-hour chart has risen but remains below 50, indicating a lack of...
The US Dollar maintains a modest bid in early European trading, with the USD/JPY pair trading narrowly below the 147.45 resistance level. The downtrend has persisted above 147.00 so far. The USD staged a mild recovery from Monday's lows but faced resistance at 147.45, leading to a measured downward trend on Tuesday. Investor caution ahead of key US employment data...
The EUR/USD pair experienced a modest uptick in early Asian trading on Thursday. However, the upward trend of this currency pair may face limitations due to the recent demand for the US Dollar and weaker-than-expected data from the Eurozone. The major currency pair is trading around the 1.0770 level, marking a 0.08% increase for the day. The EUR/USD exchange rate...
The EUR/USD pair continues to face selling pressure below the psychological level of 1.0800 in the early Asian trading session on Wednesday. Optimistic Eurozone PMI data for November failed to inspire the Euro, given the persistent weakness in demand in the Eurozone region. The EUR/USD exchange rate found support at the 100-day SMA at 1,0775, with this mentioned...
The EUR/USD pair remained range-bound around 1.0850 in early European trading on Tuesday. The recent decline in the US Dollar, coupled with higher yields on US Treasury bonds, is providing support to this currency pair, although broader risk aversion sentiment is limiting its upward momentum. Attention is focused on US employment data and the ISM PMI.
The decline...
