EURUSD: Aiming for Yearly Highs
European markets have opened with signs of stability on Wednesday, with investors attentive to the minutes of the latest US Federal Reserve meeting, which could offer key signals on future monetary policies. EUR/USD has shown some caution on the day, although it broke out of its sideways range yesterday, pushing towards the yearly highs of 1.1390, reflecting renewed bullish momentum. Technically, EUR/USD has a Checkpoint (POC) at 1.08554, while the RSI is at an oversold level of 73.72%, suggesting an uptrend with possible corrections in the short term. The market will be particularly attentive to upcoming U.S. economic data, including mortgage applications, crude oil inventories and the 20-year bond auction. These reports, along with the expected FOMC meeting, could generate volatility in EUR/USD. If the data and the Fed's tone favor a weaker dollar, the pair could move even closer to its yearly highs. In summary, EUR/USD is in a key position, driven by technical and macroeconomic factors that could define its trend in the short term.
Ion Jauregui - ActivTrades Analyst
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Ion Jauregui - ActivTrades Analyst
*******************************************************************************************
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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