Today's perspective.
Resistance Level 2: 1.0640
Resistance level 1: 1.0570
Spot price: 1.0557
Support bit 1: 1.0490
Support bit 2: 1.0448
EUR/USD rose 0.40% to $1.0554. Conflict in the Middle East will reduce the possibility of further interest rate hikes in the United States or the euro zone. Although this will maintain a slight advantage for the dollar, this advantage will not be as huge a boost to the dollar as it was in the early stages of the interest rate hike cycle. And we can observe from the trend chart that since this year, EUR/USD has rarely exceeded the 1.05-1.10 range. EURUSD has largely traded back and forth within the familiar range mentioned above. Next, officials from the Federal Reserve will give speeches on currency issues this week, so we should pay close attention to the information revealed in the speech, especially the arguments regarding U.S. dollar interest rates. Traders in federal funds rate futures see the likelihood of another rate hike this year as low as 33%, according to CME Group's FedWatch tool. If the Fed finally stops raising interest rates, non-US currencies may have an opportunity to rebound. On the short-term hourly chart, the EUR/USD is undergoing an oversold rebound adjustment trend. However, the rebound momentum is not strong. The top is near 1.0570, which constitutes initial pressure, and further is near 1.06. On the daily chart, you should pay attention to whether a falling flag pattern will form. Because the overall trend of EUR/USD still fails to break away from the downward channel formed since July.
Resistance level 1: 1.0570
Spot price: 1.0557
Support bit 1: 1.0490
Support bit 2: 1.0448
EUR/USD rose 0.40% to $1.0554. Conflict in the Middle East will reduce the possibility of further interest rate hikes in the United States or the euro zone. Although this will maintain a slight advantage for the dollar, this advantage will not be as huge a boost to the dollar as it was in the early stages of the interest rate hike cycle. And we can observe from the trend chart that since this year, EUR/USD has rarely exceeded the 1.05-1.10 range. EURUSD has largely traded back and forth within the familiar range mentioned above. Next, officials from the Federal Reserve will give speeches on currency issues this week, so we should pay close attention to the information revealed in the speech, especially the arguments regarding U.S. dollar interest rates. Traders in federal funds rate futures see the likelihood of another rate hike this year as low as 33%, according to CME Group's FedWatch tool. If the Fed finally stops raising interest rates, non-US currencies may have an opportunity to rebound. On the short-term hourly chart, the EUR/USD is undergoing an oversold rebound adjustment trend. However, the rebound momentum is not strong. The top is near 1.0570, which constitutes initial pressure, and further is near 1.06. On the daily chart, you should pay attention to whether a falling flag pattern will form. Because the overall trend of EUR/USD still fails to break away from the downward channel formed since July.
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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.