EURUSD: Moving sideways waiting for impact news
Hello dear friends!
Currently, EUR/USD is holding its range above 1.0800 early Thursday. The pair moved sideways as the US Dollar struggled, despite hawkish comments from Fed Governor Waller. The Euro awaits German economic data for new trading incentives.
The 4-hour chart shows a revival of the downtrend. That means the initial support level at 1.0801, will be quickly broken by the bears. In the opposite case, if the bulls grasp this opportunity of a sustained recovery at the 1.0800 support line it will quickly break out and test the local highs before falling further.
Overall, relatively weak economic fundamentals in the eurozone, combined with the growing possibility of a “soft landing” for the US economy, reinforce expectations of a stronger dollar in the medium term, especially when both the ECB and the Fed are capable of implementing their policies. easing measures almost simultaneously. In such a scenario, EUR/USD could experience a more notable correction, initially targeting year-to-date lows around 1.0700 before a possible return to the lows watch for late October 2023 or early November near 1.0500.
Fundamentally and technically, the EUR/USD market is showing weakness so we can expect a negative scenario at the moment.
Currently, EUR/USD is holding its range above 1.0800 early Thursday. The pair moved sideways as the US Dollar struggled, despite hawkish comments from Fed Governor Waller. The Euro awaits German economic data for new trading incentives.
The 4-hour chart shows a revival of the downtrend. That means the initial support level at 1.0801, will be quickly broken by the bears. In the opposite case, if the bulls grasp this opportunity of a sustained recovery at the 1.0800 support line it will quickly break out and test the local highs before falling further.
Overall, relatively weak economic fundamentals in the eurozone, combined with the growing possibility of a “soft landing” for the US economy, reinforce expectations of a stronger dollar in the medium term, especially when both the ECB and the Fed are capable of implementing their policies. easing measures almost simultaneously. In such a scenario, EUR/USD could experience a more notable correction, initially targeting year-to-date lows around 1.0700 before a possible return to the lows watch for late October 2023 or early November near 1.0500.
Fundamentally and technically, the EUR/USD market is showing weakness so we can expect a negative scenario at the moment.
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