Created
: 2024.04.30
2024.04.30 13:32
The EUR/USD pair meets with some supply during the Asian session on Tuesday and erodes a part of the previous day's gains amid the emergence of fresh US Dollar (USD) buying. Spot prices, however, remain in a familiar range held over the past week or so and currently trade around the 1.0700 round-figure mark.
Hawkish Federal Reserve (Fed) expectations help revive the US Dollar (USD) demand. This, along with bets that the European Central Bank (ECB) will cut interest rates in June, turn out to be key factors exerting some downward pressure on the EUR/USD pair. Traders, however, seem reluctant to place aggressive directional bets ahead of the Eurozone consumer inflation figures on Tuesday and the outcome of a two-day FOMC policy meeting on Wednesday.
From a technical perspective, any subsequent decline is more likely to find decent support near the 1.0690-1.0685 confluence, comprising the 200-hour Simple Moving Average (SMA) and over a one-week-old ascending trend line. A convincing break below might prompt some technical selling and drag the EUR/USD pair towards last week's swing low, around the 1.0625 region en route to the 1.0600 mark or the YTD trough touched earlier this month.
On the flip side, bulls need to wait for a sustained strength beyond the 1.0730-1.0740 supply zone before positioning for any further gains. The EUR/USD pair might then accelerate the positive move towards reclaiming the 1.0800 round figure before climbing to the 1.0835-1.0840 intermediate barrier and the monthly peak, around the 1.0885 region. This is followed by the 1.0900 mark, which if cleared will shift the near-term bias in favor of bullish traders.
Created
: 2024.04.30
Last updated
: 2024.04.30
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy