Euro / U.S. DollarShort
EURUSD continues downtrend below 1.0900
Updated
Dear Friends,
You may be wondering why the price has fallen so sharply.
In international market news:
- The US Dollar (USD) continued to appreciate, albeit modestly, encouraging the US Dollar Index (DXY) to maintain multi-week highs above 103.00.
- Supporting the greenback's rally in recent weeks were the minutes of the Federal Open Market Committee (FOMC) meeting on September 18. The minutes showed that a "majority" of policymakers favored easing monetary policy with a 50 basis point cut, but did not commit the Federal Reserve to a specific timeline for future cuts.
Results:
- As both the Fed and the ECB consider additional interest rate moves, the EUR/USD outlook will depend on macroeconomic trends. The US economy is expected to outperform the Eurozone, potentially boosting the USD further.
On technical analysis and gold price forecast for the coming period:
- EURUSD has broken above the support level at 1.0892 and the price volume is below both the 34-day and 89-day exponential moving averages (EMA), suggesting a higher possibility of further declines.
- Currently, EURUSD is trading near the resistance level of 1.0892, with immediate support at 1.0850.
You may be wondering why the price has fallen so sharply.
In international market news:
- The US Dollar (USD) continued to appreciate, albeit modestly, encouraging the US Dollar Index (DXY) to maintain multi-week highs above 103.00.
- Supporting the greenback's rally in recent weeks were the minutes of the Federal Open Market Committee (FOMC) meeting on September 18. The minutes showed that a "majority" of policymakers favored easing monetary policy with a 50 basis point cut, but did not commit the Federal Reserve to a specific timeline for future cuts.
Results:
- As both the Fed and the ECB consider additional interest rate moves, the EUR/USD outlook will depend on macroeconomic trends. The US economy is expected to outperform the Eurozone, potentially boosting the USD further.
On technical analysis and gold price forecast for the coming period:
- EURUSD has broken above the support level at 1.0892 and the price volume is below both the 34-day and 89-day exponential moving averages (EMA), suggesting a higher possibility of further declines.
- Currently, EURUSD is trading near the resistance level of 1.0892, with immediate support at 1.0850.
Trade closed: target reached
nice
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