After breaking 90.74 support level US dollar index expanded its weakness. Additionally, most probably with higher US inflation and CPI data, it might slide down to lower levels. At lower levels, 89.20 is the major support level.
Based on the technical analysis, 1.2114 is the support level for the EUR/USD. Only sustaining below this level, we could see a further downtrend. Based on Fed dovish tone and reducing COVID-19 cases might Support Euro in the Short-term period. However, at the top 1.2154 is the key resistance zone.
Based upon the Investors and analyst’s speculation, Bitcoin might hit the $40,000 level in the near-term period. However, analysts at JPMorgan Chase & Co proclaim that the uptrend in the Bitcoin might struggle at the top due to declining demand from Grayscale.
We might witness the lack of any significant alteration to the ECB’s monetary policy. Additionally, the lack of interest concerning the exchange rate’s current level. Such possibilities might allow the Euro to gain back against the US dollar in the short-term period.
EUR/USD has been increasing following US Treasury Secretary nominee Yellen made the argument for additional stimulus to boost the US economic situation. On the other side, worries are escalating in advance of Thursday’s European Central Bank decision.
EUR/USD gained 0.11% at 1.2141 in the early session of...