Dear traders!
Currently, EURUSD is pausing its three-day losing streak, trading around 1.0417 during the Asian session on Monday. The pair's recovery is driven by a weaker US dollar, following the release of the January Personal Consumption Expenditures (PCE) inflation data on Friday, which aligned with forecasts and eased concerns over an unexpected inflation spike in the US.
However, the upside remains challenging, as the downtrend channel is still intact, and there are no significant reversal signals from the EMA 34 and 89. If the resistance levels within the channel hold firmly under bearish pressure, the downward trajectory is expected to persist, potentially pushing EURUSD towards 1.0363 (gap-filling level) and even lower, towards the lower boundary of the trend channel, as indicated on the chart.
Currently, EURUSD is pausing its three-day losing streak, trading around 1.0417 during the Asian session on Monday. The pair's recovery is driven by a weaker US dollar, following the release of the January Personal Consumption Expenditures (PCE) inflation data on Friday, which aligned with forecasts and eased concerns over an unexpected inflation spike in the US.
However, the upside remains challenging, as the downtrend channel is still intact, and there are no significant reversal signals from the EMA 34 and 89. If the resistance levels within the channel hold firmly under bearish pressure, the downward trajectory is expected to persist, potentially pushing EURUSD towards 1.0363 (gap-filling level) and even lower, towards the lower boundary of the trend channel, as indicated on the chart.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.