Long

EUR/USD Rally: Weak Fed, Cautious ECB

3 days ago

The EUR/USD pair broke above the 1.1100 level due to weakness in the US dollar, driven by expectations of a rate cut by the Fed. The Dollar Index (DXY) is declining, while US and German yields have dropped. The ECB, on the other hand, has shown caution regarding future rate cuts, supporting the euro. Key resistance levels for EUR/USD are 1.1137, 1.1155, 1.1201, and 1.1275. Support lies at 1.1071, with further levels at 1.1030 and 1.1001. The RSI is near 67, suggesting a potential overbought area, but the bullish trend remains intact as long as the price stays above the 200-day moving average. If the dollar continues to weaken, EUR/USD could target 1.1155 and beyond. Conversely, a break below 1.1071 could indicate a correction toward 1.1030 and 1.1001.

Forex48_TradingAcademy

🏆 Exclusive access to Signals, Strategies, and 1-1 Mentorship: forex-48.com/trading

📊 FREE Watchlist: forex-48.com/free-watchlist

📚 FREE Course: forex-48.com/free-education

🤑 FREE Signals & Setups: t.me/Forex48TradingAcademy

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.