EUR/USD Approaches Important Support
Yesterday, EUR/USD hit new May’s lows. This week’s latest news contributed to the decline:
→ Germany's GDP in Q1 2023 decreased by 0.3% compared to the previous three months. German media write about the official start of the recession.
→ The US economy in Q1 grew by 1.3% in annual terms.
→ Worrying opinions are spreading about a possible crisis due to the situation in the US housing market. According to JPMorgan analysts, the next shock to the US banking system could be loans for commercial real estate.
→ Traders see the dollar as a reliable asset in the face of the not yet raised US government debt ceiling.
The EUR/USD chart shows that the rate has already fallen by 3.3% from the peaks of May. The rate is approaching the psychological mark of USD 1.07 per euro, which may support the market.
The technical analysis of EUR/USD gives reason to count on another potential support level. We are talking about the lower line (1) of an important ascending channel that has been operating since last year — if it is reached, buyers may become more active using the rebound trading strategy on the EUR/USD market.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
→ Germany's GDP in Q1 2023 decreased by 0.3% compared to the previous three months. German media write about the official start of the recession.
→ The US economy in Q1 grew by 1.3% in annual terms.
→ Worrying opinions are spreading about a possible crisis due to the situation in the US housing market. According to JPMorgan analysts, the next shock to the US banking system could be loans for commercial real estate.
→ Traders see the dollar as a reliable asset in the face of the not yet raised US government debt ceiling.
The EUR/USD chart shows that the rate has already fallen by 3.3% from the peaks of May. The rate is approaching the psychological mark of USD 1.07 per euro, which may support the market.
The technical analysis of EUR/USD gives reason to count on another potential support level. We are talking about the lower line (1) of an important ascending channel that has been operating since last year — if it is reached, buyers may become more active using the rebound trading strategy on the EUR/USD market.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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