EUR/USD Trending Up Amid Weaker Dollar and Market Risk Aversion
The EUR/USD saw an upward trend approaching its highest daily close in over a week, despite market risk aversion, driven by a weaker US dollar. Nevertheless, the pair struggled to maintain levels above 1.0600, signaling potential obstacles ahead. Economic data from both Europe and the US played a role in this movement, while the upcoming European Central Bank meeting holds considerable significance as markets anticipate unchanged key rates for the first time in over a year. Federal Reserve Chair Jerome Powell's recent comments indicating a preference for rate stability also contributed to the currency pair's dynamics.
Based on technical analysis, the EUR/USD slightly lower on Friday, moving between the middle and upper band of the Bollinger Bands. Currently, the EUR/USD is trading just above the middle band, suggesting the potential for another lower movement. The Relative Strength Index (RSI) stands at 54, indicating that the EUR/USD is still in neutral bias.
Resistance: 1.0616, 1.0672
Support: 1.0561, 1.0502
Based on technical analysis, the EUR/USD slightly lower on Friday, moving between the middle and upper band of the Bollinger Bands. Currently, the EUR/USD is trading just above the middle band, suggesting the potential for another lower movement. The Relative Strength Index (RSI) stands at 54, indicating that the EUR/USD is still in neutral bias.
Resistance: 1.0616, 1.0672
Support: 1.0561, 1.0502
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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.