EURUSD: Upward momentum is maintained
Updated
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The EUR/USD exchange rate has approached the 1.0900 level and turned downwards, correcting from its monthly high. The price slide extended to 1.0843 today. Despite the daily decline, the overall trend is still upward within the ascending price channel, supported by negative sentiment surrounding the US dollar after another US inflation report reinforced the belief that the Federal Reserve (Fed) has completed its interest rate hikes.
The current retreat of EUR/USD is modest and considered a corrective move, which will not alter the outlook for price increases. Immediate support at 1.075 could change the dynamics of this currency pair.
The EUR/USD exchange rate has approached the 1.0900 level and turned downwards, correcting from its monthly high. The price slide extended to 1.0843 today. Despite the daily decline, the overall trend is still upward within the ascending price channel, supported by negative sentiment surrounding the US dollar after another US inflation report reinforced the belief that the Federal Reserve (Fed) has completed its interest rate hikes.
The current retreat of EUR/USD is modest and considered a corrective move, which will not alter the outlook for price increases. Immediate support at 1.075 could change the dynamics of this currency pair.
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