The EUR/USD pair trades in positive territory around 1.0510 during the early European session on Monday. However, the upside for the cross might be limited due to the dovish stance of the European Central Bank (ECB).
The ECB decided to cut interest rates for the fourth time this year last week and kept the door open to further easing as the Eurozone economy is weighed by political instability at home and the potential Donald Trump's tariff threats. Later on Monday, traders await the preliminary Eurozone HCOB Purchasing Managers' Index (PMI) for December for fresh impetus, along with the ECB's President Christine Lagarde speech.
Technically, the bearish outlook of EUR/USD remains intact as the major pair is below the key 100-day Exponential Moving Average (EMA). The 14-day Relative Strength Index (RSI) holds below the midline around 43.35, suggesting that further downside looks favorable.
The first downside target emerges at 1.0432, the lower limit of the Bollinger Band. A breach of this level could see a drop to 1.0332, the low of November 22. Further south, the next contention level is seen at 1.0290, the low of November 30, 2022.
On the bright side, the immediate resistance level is located in the 1.0600-1.0610 zone, representing the upper boundary of the Bollinger Band and the psychological level. Sustained bullish momentum above the mentioned level could see a rally to 1.0764, the 100-day EMA. The additional upside filter to watch is the 1.0800 barrier.
Source: FXStreet
EUR/USD pulls back from two-week high of 1.1761 reached on Tuesday, trading around 1.1740 during the Asian hours on Wednesday. The pair depreciates as the US Dollar (USD) gains ground. United States (...
The EUR/USD pair is posting marginal gains ahead of the US Session opening on Tuesday as the US Dollar retreats further with trade uncertainty growing. Meanwhile, a rather positive Lending survey from...
The EUR/USD pair clings to gains made on Monday around 1.1700 during the Asian trading session on Tuesday. The major currency pair strengthens as the US Dollar (USD) corrects sharply, following a fres...
The EUR/USD pair surged on Monday (July 22nd), gaining more than 0.50%, as the US dollar weakened, pressured by falling US Treasury yields and trade uncertainty ahead of the August 1st deadline. This ...
ECB and PMIs in focus this week,The focus in Europe will be on Thursday's European Central Bank meeting. We doubt ECB President Christine Lagarde will shake things up too much ahead of the central ban...
The U.S. Federal Reserve's independence is under threat from mounting political interference, according to a clear majority of economists polled by Reuters, although no one expects a July interest rate cut despite a recent divergence in views among...
Gold price (XAU/USD) trades firmly above $3,400 during the European trading session on Wednesday, the highest level seen in over five weeks. The precious metal strengthens as global trade tensions continue to persist even as the United States (US)...
Silver prices (XAG/USD) weakened slightly after reaching $39.39, their highest level since September 2011, and are currently trading around $39.20 per troy ounce during the Asian session on Wednesday (July 23). Silver prices were pressured by...
Asia-Pacific markets traded mixed Monday, as investors keep a close watch on the People's Bank of China's decision on its 1-year and 5-year loan...
A 19% U.S. tariff on Indonesian exports could take effect earlier than the previously expected August 1 deadline, Indonesia's chief economic...
European stocks posted slight declines on Monday (July 21st) as markets continued to assess the trade outlook in the European Union. The Eurozone...
European stocks opened the week on a cautious note, with both the STOXX 50 and STOXX 600 hovering near the flatline as investors closely monitor...