Bullish in the short term.Resistance Level 2: 1.0700
Resistance Level 1: 1.0650
Spot price: 1.0605
Support bit 1: 1.0560
Support bit 2: 1.0500
Yesterday on Tuesday (October 10), the euro rose 0.32% against the US dollar to US$1.06; the US dollar index =USD, which measures the US dollar against six other currencies, fell by about 0.15% to 105.79, which is far lower than the 11-month high set last week. High 107.34. Atlanta Fed President Bostic's latest remarks said the Fed does not need to raise interest rates further. Bostic told the American Bankers Association that the Fed's policies are already restrictive enough, and he also believes there will be no recession in the future and that the Fed's interest rate hikes will lead to an economic slowdown and lower inflation. The comments were made in part in response to the Israeli-Gaza conflict. Continued bloodshed in the Middle East and dovish comments from Federal Reserve officials have dragged U.S. Treasury yields sharply lower. The benchmark 10-year Treasury yield fell to an intraday low of 4.618% on Tuesday from a high of 4.887% on Monday. The market seems to be filled with expectations that the Federal Reserve will stop its interest rate hike cycle. In this market atmosphere, EUR/USD also took the opportunity to continue its recent rebound trend. On the daily chart, the exchange rate has crossed the middle track of the Bollinger Bands channel, and technical indicators have begun to rise, indicating that the euro's rebound potential is gradually gathering. However, due to the release of US inflation data this week, long-term euro trading is expected to be cautious. At the top, we should mainly pay attention to the suppression of the strong resistance level of 1.0650. If it can be broken through, the upward trend is expected to become obvious.
