EUR/USD is trading in the 1.0800s on the last day of the week after taking a step down from its previous range in the 1.0900s.
EUR/USD has fallen to the 1.0800s, close to a critical level for the short-term trend. Further weakness could tip the near-term outlook in favor of bears. Empire State Manufacturing, Michigan Sentiment, US Industrial Production and commentary from ECB’s Nagel round off the week. The catalyst seems to have been Thursday’s US macro data, which dented optimism in the Federal Reserve implementing early interest-rate cuts. Thursday’s data showed the US Producer Price Index unexpectedly rose 1.
Such a breakdown would then most probably see a continuation down to 1.0795, at the low of the B leg of the prior ABC Measured Move pattern that unfolded higher during February and early March. Alternatively, if the level holds, the short-term uptrend could resume. Confirmation of a higher high and an extension of the uptrend would come from a break above the 1.0981 highs. After that, tough resistance is expected at the 1.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/USD Price Analysis: Holds below the mid-1.0900s, bullish outlook remains intactThe EUR/USD pair trades on a weaker note below the mid-1.0900s during the early European session on Thursday.
Read more »
Euro Technical Analysis & Trade Setups - EUR/USD, EUR/GBP and EUR/JPYThis article dissects the technical outlook for EUR/USD, EUR/GBP, and EUR/JPY, scrutinizing price action dynamics and sentiment to glean insights into potential directional shifts.
Read more »
Euro Trade Setups Ahead of ECB Decision – EUR/USD, EUR/GBP and EUR/JPYNext week’s ECB meeting is unlikely to see any change in monetary policy but post-decision commentary may give traders a better view when the first rate cut is set to be announced
Read more »
Euro’s Outlook Hinges on ECB Guidance; Trade Setups on EUR/USD, EUR/GBP, EUR/JPYThis article discusses the upcoming ECB decision and its potential ramifications for the euro's outlook. In the piece, we also explore the technical profile for EUR/USD, EUR/GBP, and EUR/JPY, assessing price action dynamics and market sentiment.
Read more »
EUR/USD Forecast: Absent buying interests despite prevalent optimismThe EUR/USD pair seesaws around the 1.0770 level, confined to a tight range on Monday.
Read more »
EUR/USD awaits US data, ECB speakersEUR/USD continues trading in the mid 1.0900s after pulling back from a peak at 1.0981 achieved last week.
Read more »