Technical Analysis

EUR/USD Price Analysis – June 21, 2024

By LonghornFX Technical Analysis
Jun 21, 2024
Eurusd

Daily Price Outlook

During the European trading session, the EUR/USD currency pair continued its bearish trend and remained under pressure around the 1.0683 level, hitting an intraday low of 1.0671. The downward trend was attributed to disappointing Eurozone preliminary PMI data and German Preliminary Manufacturing PMI, indicating a loss of economic momentum. Additionally, political uncertainty in France, the Eurozone's second-largest economy, was seen as another key factor keeping the EUR/USD pair lower.

Impact of Eurozone PMI Data on EUR/USD Pair

On the EUR front, the major currency pair dropped to a six-week low around 1.0670 as the Euro weakened. This followed disappointing preliminary PMI data from the Eurozone, indicating a slowdown in economic momentum.

On the data front, the latest HCOB purchasing managers index survey revealed a downturn in the Eurozone's manufacturing sector, with the PMI dropping to 45.6 in June from 47.3 in May, falling short of expectations and hitting a six-month low. The services sector also showed deterioration, declining to 52.2 from 53.2, below the anticipated 53.5 and marking a three-month low.

Meanwhile, the overall Eurozone PMI Composite fell sharply to 50.8, well below forecasts and May's reading, indicating a slowdown in economic activity. In Germany, manufacturing contracted further to 43.4, below expectations, while services weakened to 53.5, contributing to a decline in the composite output index to 50.6, its lowest level in two months.

Therefore, the disappointing Eurozone PMI data led to a weakening Euro, pushing the EUR/USD pair to a six-week low near 1.0670. Investors reacted to signs of economic slowdown, impacting the currency's performance against the US Dollar.

Impact of US Economic Data and Fed Policy Expectations on EUR/USD Pair

On the US front, the widely traded US dollar has been showing signs of weakness and continues to be under pressure following the release of recent disappointing economic data. This has heightened expectations that the Federal Reserve will soon start to relax its policies. While Federal Reserve officials initially expressed a preference for keeping interest rates elevated, market sentiment has since shifted.

Investors now believe there is a strong possibility of an interest rate cut at the next policy meeting, but they only expect one cut to occur this year. This anticipated policy shift is a response to the weakening economic indicators and the need to stimulate economic growth.

On the economic data front, the US Department of Labor reported that new filings for unemployment benefits fell to 238,000 in the week ending June 15, slightly exceeding the anticipated 235,000. Meanwhile, the Commerce Department's Census Bureau noted a 5.2% decrease in Housing Starts for May, dropping to a seasonally adjusted annual rate of 982,000 units. Building Permits also saw a decline of 2.9% to 949,000 units during the same period.

Furthermore, the Philadelphia Fed Manufacturing Index unexpectedly declined to 1.3 in June from 4.5 in the previous month, continuing its streak of five consecutive months in positive territory despite the

Hence, the EUR/USD pair could experience upward pressure if the Federal Reserve follows through with the expected rate cuts, juxtaposed against Eurozone economic uncertainties and potential shifts in market sentiment favoring the Euro.

EUR/USD Price Chart - Source: Tradingview
EUR/USD Price Chart - Source: Tradingview

EUR/USD - Technical Analysis

EUR/USD is trading at $1.07190, up 0.16% in the early European session. The pivot point at $1.07506 is a crucial level to watch for potential shifts in market sentiment. Immediate resistance is found at $1.07508, with further resistance at $1.07706 and $1.07932. These levels indicate where upward momentum might face selling pressure. On the downside, immediate support is at $1.06865, followed by $1.06720 and $1.06553, which could act as potential buy zones if the price declines.

Technical indicators reveal that the Relative Strength Index (RSI) stands at 46, suggesting the asset is in a neutral zone and not overbought or oversold. The 50-day Exponential Moving Average (EMA) is positioned at $1.07279, indicating a slight bullish trend as the current price is hovering around this average. This technical setup suggests a mixed outlook, with potential for upward movement if the price can sustain above the pivot point.

Given this outlook, traders might consider a buy entry above $1.06991, with a take profit target at the pivot point of $1.07506 and a stop loss at $1.06719. This strategy leverages the immediate support below the current price and targets a modest upward move towards the pivot point.

In summary, EUR/USD is currently showing modest gains with a key focus on the pivot point at $1.07506. The immediate resistance at $1.07508 and the support at $1.06865 will be crucial in determining the short-term direction for the pair. The RSI at 46 and the 50-day EMA at $1.07279 suggest a cautious but potentially optimistic outlook for the euro against the dollar.

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EUR/USD

Daily Trade Ideas

EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Jun 21, 2024
Eurusd

Daily Price Outlook

- EUR/USD trades at $1.07190, up 0.16%, with a key pivot point at $1.07506.

- Immediate resistance levels: $1.07508, $1.07706, $1.07932; support levels: $1.06865, $1.06720, $1.06553.

- RSI at 46 and 50-day EMA at $1.07279 indicate a neutral to slightly bullish trend.

EUR/USD is trading at $1.07190, up 0.16% in the early European session. The pivot point at $1.07506 is a crucial level to watch for potential shifts in market sentiment. Immediate resistance is found at $1.07508, with further resistance at $1.07706 and $1.07932. These levels indicate where upward momentum might face selling pressure. On the downside, immediate support is at $1.06865, followed by $1.06720 and $1.06553, which could act as potential buy zones if the price declines.

Technical indicators reveal that the Relative Strength Index (RSI) stands at 46, suggesting the asset is in a neutral zone and not overbought or oversold. The 50-day Exponential Moving Average (EMA) is positioned at $1.07279, indicating a slight bullish trend as the current price is hovering around this average. This technical setup suggests a mixed outlook, with potential for upward movement if the price can sustain above the pivot point.

Given this outlook, traders might consider a buy entry above $1.06991, with a take profit target at the pivot point of $1.07506 and a stop loss at $1.06719. This strategy leverages the immediate support below the current price and targets a modest upward move towards the pivot point.

In summary, EUR/USD is currently showing modest gains with a key focus on the pivot point at $1.07506. The immediate resistance at $1.07508 and the support at $1.06865 will be crucial in determining the short-term direction for the pair. The RSI at 46 and the 50-day EMA at $1.07279 suggest a cautious but potentially optimistic outlook for the euro against the dollar.

EUR/USD Price Chart - Source: Tradingview
EUR/USD Price Chart - Source: Tradingview

EUR/USD - Trade Ideas

Entry Price – Buy Above 1.06991

Take Profit – 1.07506

Stop Loss – 1.06719

Risk to Reward – 1: 1.89

Profit & Loss Per Standard Lot = +$515/ -$272

Profit & Loss Per Mini Lot = +$51/ -$27

EUR/USD

Technical Analysis

EUR/USD Price Analysis – June 18, 2024

By LonghornFX Technical Analysis
Jun 18, 2024
Eurusd

Daily Price Outlook

EUR/USD is presently trading at $1.07198, with market sentiment leaning towards optimism for potential rate cuts as the new trading week begins. Despite Federal Reserve (Fed) officials' cautionary statements hinting that rate cuts might not proceed as quickly as investors hope, the focus remains on the upcoming U.S. economic data for clearer directional cues.

U.S. Retail Sales to Shape Market Sentiment

Attention is set on Tuesday's U.S. Retail Sales report, where an increase of 0.3% month-over-month in May is expected, following a flat performance in April. This data point is particularly significant as it may influence Fed policy decisions moving forward. Core Retail Sales, excluding automobiles, are also projected to show a consistent rise of 0.2%.

Fed Officials Voice Cautious Outlook

Throughout the week, several Fed officials are slated to speak, with their insights eagerly anticipated by the markets. Recent inflation data suggests a quicker-than-expected easing, yet the Fed has expressed hesitation about hastening rate adjustments.

The necessity for more comprehensive data before altering monetary policy has been emphasized, reflecting a cautious approach towards economic recovery.

Economic Indicators and Federal Reserve Speeches

As traders await the U.S. retail sales figures and monitor speeches from various Fed officials, the Dollar Index shows modest gains, trading up by 0.2% at 105.125. However, it remains below the recent 1 1/2-month high of 105.80.

This week's economic calendar also includes the release of U.S. Industrial Production and Capacity Utilization Rate, expected to provide further insights into the economic landscape and potential shifts in Fed policy.

Key Economic Releases:

    This week is pivotal for the EUR/USD pair as it navigates through critical economic releases and central bank communications. These events are likely to dictate short-term market dynamics and potentially set the tone for the currency pair's movements in the upcoming sessions.

    EUR/USD Price Chart - Source: Tradingview
    EUR/USD Price Chart - Source: Tradingview

    EUR/USD - Technical Analysis

    EUR/USD is currently trading at $1.07198. The pivot point at $1.07255 is crucial for determining the next move. Immediate resistance is found at $1.07387, with subsequent resistance levels at $1.07577 and $1.07734. These levels need to be breached for a potential bullish reversal. On the downside, immediate support is identified at $1.07000. If this level is broken, the next support levels are at $1.06738 and $1.06499.

    The 50-day Exponential Moving Average (EMA) is currently at $1.07734, while the 200-day EMA is at $1.07706, indicating bearish momentum in the short term. The Relative Strength Index (RSI) is at 42.30, suggesting that the market is neither overbought nor oversold, but closer to the lower end of the spectrum. This implies a potential for further downside if bearish pressure continues.

    The current price action indicates that a break above the immediate resistance at $1.07387 could signal a bullish move, while a drop below the pivot point of $1.07255 may lead to further downside pressure.

    Considering the current technical outlook, a sell position below $1.07255 is advisable with a take profit target at $1.06738 and a stop loss at $1.07577.

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    Daily Trade Ideas

    EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal

    By LonghornFX Technical Analysis
    Jun 18, 2024
    Eurusd

    Daily Price Outlook

    - EUR/USD bearish sentiment with RSI at 42.30, suggesting potential downside if pivot point breaks.

    - Immediate resistance levels at $1.07577, $1.07706, and $1.08082 must be breached for bullish momentum.

    - Sell entry below $1.07255 with a target of $1.06738 and stop loss at $1.07577.

    EUR/USD is currently trading at $1.07198. The pivot point at $1.07255 is crucial for determining the next move. Immediate resistance is found at $1.07387, with subsequent resistance levels at $1.07577 and $1.07734. These levels need to be breached for a potential bullish reversal. On the downside, immediate support is identified at $1.07000. If this level is broken, the next support levels are at $1.06738 and $1.06499.

    The 50-day Exponential Moving Average (EMA) is currently at $1.07734, while the 200-day EMA is at $1.07706, indicating bearish momentum in the short term. The Relative Strength Index (RSI) is at 42.30, suggesting that the market is neither overbought nor oversold, but closer to the lower end of the spectrum. This implies a potential for further downside if bearish pressure continues.

    The current price action indicates that a break above the immediate resistance at $1.07387 could signal a bullish move, while a drop below the pivot point of $1.07255 may lead to further downside pressure.

    Considering the current technical outlook, a sell position below $1.07255 is advisable with a take profit target at $1.06738 and a stop loss at $1.07577.

    EUR/USD Price Chart - Source: Tradingview
    EUR/USD Price Chart - Source: Tradingview

    EUR/USD- Trade Ideas

    Entry Price – Sell Below 1.07255

    Take Profit – 1.06738

    Stop Loss – 1.07577

    Risk to Reward – 1: 1.6

    Profit & Loss Per Standard Lot = +$517/ -$322

    Profit & Loss Per Mini Lot = +$51/ -$32

    EUR/USD

    Daily Trade Ideas

    EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal

    By LonghornFX Technical Analysis
    Jun 17, 2024
    Eurusd

    Daily Price Outlook

    - EUR/USD trades below pivot point at $1.0726, bearish pressure likely.

    - RSI at 34 signals oversold conditions, short-term bounce possible.

    - Key support levels to watch: $1.0674, $1.0650, $1.0613.

    The EUR/USD pair is struggling to maintain upward momentum, trading slightly below the 1.07 mark. The 4-hour chart reveals the pair is hovering just beneath its pivot point at $1.0726, signaling potential bearish pressure.

    The 50-day Exponential Moving Average (EMA) at $1.0802 further reinforces this bearish outlook, acting as a significant resistance level.

    The Relative Strength Index (RSI) reading of 34 indicates oversold conditions, hinting at a potential bounce in the near term. However, traders should remain cautious as the overall trend remains bearish.

    Key resistance levels to watch include $1.0771, $1.0808, and $1.0847. A break above these levels could negate the bearish outlook and signal a potential reversal.

    On the downside, immediate support lies at $1.0674, followed by $1.0650 and $1.0613.

    EUR/USD Price Chart - Source: Tradingview
    EUR/USD Price Chart - Source: Tradingview

    EUR/USD- Trade Ideas

    Entry Price – Sell Limit 1.07254

    Take Profit – 1.06738

    Stop Loss – 1.07559

    Risk to Reward – 1: 1.6

    Profit & Loss Per Standard Lot = +$516/ -$305

    Profit & Loss Per Mini Lot = +$51/ -$30

    EUR/USD

    Technical Analysis

    EUR/USD Price Analysis – June 17, 2024

    By LonghornFX Technical Analysis
    Jun 17, 2024
    Eurusd

    Daily Price Outlook

    The EUR/USD pair slipped to 1.0670 on Friday before recovering to 1.0700, as political tensions in Europe and disappointing US economic data fueled uncertainty. The recent shift towards right-wing parties in European elections, coupled with a snap election in France, has raised concerns about the region's stability and weighed on the euro.

    US Economic Data Disappoints:

    In the US, the University of Michigan's Consumer Sentiment Index fell to a six-month low of 65.6 in June, missing expectations of 72.0. Additionally, 5-year inflation expectations rose to 3.1%, indicating persistent price pressures and raising doubts about the Federal Reserve's ability to tame inflation.

    Diverging Fed and Market Expectations:

    The Fed's latest Summary of Economic Projections (SEP) revealed a more hawkish stance than the market anticipated, with only one rate cut projected for 2024. However, rate markets continue to price in a September rate cut, highlighting a disconnect between the Fed's outlook and market sentiment.

    Upcoming Events:

    Investors will closely monitor the upcoming G7 meetings and the release of the Empire State Manufacturing Index on Monday for further insights into the global economic landscape and its potential impact on the EUR/USD pair.

    EUR/USD Price Chart - Source: Tradingview
    EUR/USD Price Chart - Source: Tradingview

    EUR/USD - Technical Analysis

    The EUR/USD pair is struggling to maintain upward momentum, trading slightly below the 1.07 mark. The 4-hour chart reveals the pair is hovering just beneath its pivot point at $1.0726, signaling potential bearish pressure.

    The 50-day Exponential Moving Average (EMA) at $1.0802 further reinforces this bearish outlook, acting as a significant resistance level.

    The Relative Strength Index (RSI) reading of 34 indicates oversold conditions, hinting at a potential bounce in the near term.

    However, traders should remain cautious as the overall trend remains bearish. Key resistance levels to watch include $1.0771, $1.0808, and $1.0847. A break above these levels could negate the bearish outlook and signal a potential reversal.

    On the downside, immediate support lies at $1.0674, followed by $1.0650 and $1.0613.

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    Daily Trade Ideas

    EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal

    By LonghornFX Technical Analysis
    Jun 14, 2024
    Eurusd

    Daily Price Outlook

    - EUR/USD trades below pivot point at 1.0726, bearish pressure likely.

    - RSI at 32 signals oversold conditions, short-term bounce possible.

    - Key support levels to watch: 1.0674, 1.0650, 1.0613.

    The EUR/USD pair is struggling to maintain upward momentum, currently hovering slightly above the 1.07 mark. On the 4-hour chart, the pair is trading below its pivot point of 1.0726, signaling potential bearish pressure.

    The 50-day Exponential Moving Average (EMA) at 1.0814 reinforces this bearish outlook, acting as a significant resistance level.

    The Relative Strength Index (RSI) reading of 32 indicates oversold conditions, hinting at a potential bounce in the near term.

    However, traders should remain cautious as the overall trend remains bearish. Key resistance levels to watch include 1.0766, 1.0798, and 1.0847. A break above these levels could negate the bearish outlook and signal a potential reversal.

    On the downside, immediate support lies at 1.0674, followed by 1.0650 and 1.0613. A break below these levels could exacerbate the downward pressure, potentially leading to further losses for the euro.

    EUR/USD Price Chart - Source: Tradingview
    EUR/USD Price Chart - Source: Tradingview

    EUR/USD- Trade Ideas

    Entry Price – Sell Below 1.07262

    Take Profit – 1.06758

    Stop Loss – 1.07559

    Risk to Reward – 1: 1.7

    Profit & Loss Per Standard Lot = +$504/ -$297

    Profit & Loss Per Mini Lot = +$50/ -$29

    EUR/USD

    Technical Analysis

    EUR/USD Price Analysis – June 14, 2024

    By LonghornFX Technical Analysis
    Jun 14, 2024
    Eurusd

    Daily Price Outlook

    During the European trading session, the EUR/USD pair has been experiencing a bearish trend and remained well offered around 1.0690 level, hitting the intra-day low of 1.0671 level. However, this downward movement can be attributed to several factors including the bullish US dollar and growing uncertainty surrounding the French elections.

    The shared currency has weakened significantly amidst growing uncertainty surrounding the French elections. French President Emmanuel Macron's decision to call for snap elections following a defeat in parliamentary elections has heightened political instability.

    The potential success of Marine Le Pen's far-right National Rally party in the French elections is causing concern for the Euro. Markets are worried that if her party gains more influence, it could lead to disruptions in the unity and economic policies of the Eurozone, which in turn negatively impacts the Euro's value.

    Euro Under Pressure: French Political Uncertainty and ECB Monetary Policy Impact on EUR/USD Pair

    On the EUR front, the shared currency continues to face pressure due to deepening political uncertainty in France ahead of the upcoming legislative elections. President Macron's call for snap elections after facing setbacks has injected volatility into the political landscape, unsettling markets and weakening the Euro.

    The potential outcomes of these elections, including the rise of Marine Le Pen's National Rally and the prospects of coalition governments, have exacerbated concerns over political stability within the Eurozone.

    Moreover, ECB's monetary policy stance has influenced the Euro's performance against the US Dollar. ECB policymakers have shown caution about the future of inflation, highlighting the difficulties in reaching stable inflation levels.

    The potential for additional rate cuts to address low inflation (disinflationary pressures) highlights the Euro's weakness in currency markets.

    Fed's Hawkish Outlook and Impact on EUR/USD Pair Amid Soft US Inflation Data

    Despite soft inflation data from the US, the Federal Reserve (Fed) has maintained a hawkish stance, which has offset the impact on the EUR/USD pair. Fed Chair Jerome Powell noted positive signs in the May Consumer Price Index (CPI) report, showing cautious optimism about inflation trends.

    However, Powell stressed that a consistent improvement in inflation is necessary before the Fed will consider cutting rates further. This aligns with the Fed's current forecast of only one rate cut in 2024, reduced from the earlier expectation of three rate cuts.

    Hence, the market's reaction to Fed's policy outlook has been significant, influencing the strength of the US Dollar against the Euro. The US Dollar Index (DXY), which measures the Dollar's value against a basket of major currencies, has remained strong and reached monthly highs.

    This strength is due to investors adjusting their expectations based on the Fed's guidance on interest rates and monetary policy.

    Therefore, the Fed's hawkish stance has strengthened the US Dollar, causing the EUR/USD pair to decline as investors adjust their expectations based on the Fed's interest rate guidance and policy outlook.

    EUR/USD Price Chart - Source: Tradingview
    EUR/USD Price Chart - Source: Tradingview

    EUR/USD - Technical Analysis

    The EUR/USD pair is struggling to maintain upward momentum, currently hovering slightly above the 1.07 mark. On the 4-hour chart, the pair is trading below its pivot point of 1.0726, signaling potential bearish pressure.

    The 50-day Exponential Moving Average (EMA) at 1.0814 reinforces this bearish outlook, acting as a significant resistance level.

    The Relative Strength Index (RSI) reading of 32 indicates oversold conditions, hinting at a potential bounce in the near term. However, traders should remain cautious as the overall trend remains bearish. Key resistance levels to watch include 1.0766, 1.0798, and 1.0847.

    A break above these levels could negate the bearish outlook and signal a potential reversal.

    On the downside, immediate support lies at 1.0674, followed by 1.0650 and 1.0613. A break below these levels could exacerbate the downward pressure, potentially leading to further losses for the euro.

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    EUR/USD

    Daily Trade Ideas

    EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal

    By LonghornFX Technical Analysis
    Jun 12, 2024
    Eurusd

    Daily Price Outlook

    - EUR/USD trading at $1.07447, down 0.03%, with cautious signals below the pivot point of $1.0766.

    - Immediate resistance levels to watch: $1.0766, $1.0798, and $1.0827, crucial for potential upward movement.

    - Immediate support levels: $1.0701, $1.0674, and $1.0650, indicating potential bearish trend continuation.

    The EUR/USD pair is currently trading at $1.07447, down 0.03% in today's session. The pivot point at $1.0766 serves as a critical level for today's market activity.

    Immediate resistance is found precisely at this pivot point, $1.0766, followed by $1.0798 and $1.0827. These resistance levels are essential to watch as they represent potential hurdles for any upward movement in price.

    On the downside, immediate support lies at $1.0701, followed by $1.0674 and $1.0650. A breach below these support levels could signal a continuation of the bearish trend, putting further pressure on the euro.

    Technical indicators offer a mixed view. The Relative Strength Index (RSI) is at 42, suggesting a slight bearish momentum. The 50-day Exponential Moving Average (EMA) is positioned at $1.0797, with the current price trading below this average, reinforcing the bearish sentiment in the short term.

    Given the current technical setup, the outlook for EUR/USD remains cautious. An entry price for a buy limit order is suggested at $1.07248, with a take profit level set at $1.07664. To mitigate risk, a stop loss is recommended at $1.07005.

    EUR/USD Price Chart - Source: Tradingview
    EUR/USD Price Chart - Source: Tradingview

    EUR/USD- Trade Ideas

    Entry Price – Buy Limit 1.07248

    Take Profit – 1.07664

    Stop Loss – 1.07005

    Risk to Reward – 1: 1.7

    Profit & Loss Per Standard Lot = +$416/ -$243

    Profit & Loss Per Mini Lot = +$41/ -$24

    EUR/USD

    Technical Analysis

    EUR/USD Price Analysis – June 12, 2024

    By LonghornFX Technical Analysis
    Jun 12, 2024
    Eurusd

    Daily Price Outlook

    During the European trading session, the EUR/USD pair has showed a bullish performance, finding support near 1.0764 and edging higher to 1.0765 in the European session. Despite caution ahead of an eventful New York session and uncertainty surrounding the French elections, the pair has shown strength.

    However, the drivers behind this upward trend is the anticipation surrounding the US Consumer Price Index (CPI) data for May and the Federal Reserve’s (Fed) interest rate decision.

    ECB Policymakers Exercise Caution, Impacting EUR/USD Pair

    On the EUR front, the shared currency gained traction as investors monitored the European Central Bank's (ECB) cautious approach to managing inflation and wage growth dynamics within the Eurozone. ECB officials, led by Governor Francois Villeroy de Galhau, have expressed confidence in the Eurozone's ability to return inflation to its 2% target next year.

    However, they emphasize the need to navigate through short-term fluctuations in economic data. This prudent stance by the ECB has influenced market sentiment, notably impacting the performance of the EUR/USD pair.

    The ECB is optimistic about inflation in the Eurozone eventually reaching its target of 2% but acknowledges the uncertainty and variability in economic indicators in the near term.

    This cautious approach by the ECB has an impact on market sentiment, particularly on currency markets like the EUR/USD pair, as investors and traders adjust their expectations based on the central bank's guidance and economic outlook

    US CPI and Fed’s Outlook Regarding Interest Rate Impact on EUR/USD Pair

    On the US front, the overall US dollar has been gaining strength as investors become more confident in the economy. Expectations for a Federal Reserve interest rate cut in September are dwindling due to strong job market conditions and ongoing inflation.

    This has pushed the US dollar to nearly a one-month high. Investors are now waiting for the latest US consumer inflation data and the upcoming FOMC monetary policy decision.

    It's expected that the headline US Consumer Price Index will slightly ease to 0.1% in May from 0.3% previously, while the yearly rate is anticipated to stay at 3.4%, exceeding the Fed's 2% target.

    Core CPI is also predicted to remain steady at 0.3% for the month and slightly decrease to a 3.5% yearly rate from April's 3.6%, indicating sustained inflationary pressure. Consequently, the Fed might consider a modest 25 basis points rate cut later in the year, potentially in November or December.

    EUR/USD Price Chart - Source: Tradingview
    EUR/USD Price Chart - Source: Tradingview

    EUR/USD - Technical Analysis

    The EUR/USD pair is currently trading at $1.07447, down 0.03% in today's session. The pivot point at $1.0766 serves as a critical level for today's market activity. Immediate resistance is found precisely at this pivot point, $1.0766, followed by $1.0798 and $1.0827. These resistance levels are essential to watch as they represent potential hurdles for any upward movement in price.

    On the downside, immediate support lies at $1.0701, followed by $1.0674 and $1.0650. A breach below these support levels could signal a continuation of the bearish trend, putting further pressure on the euro.

    Technical indicators offer a mixed view. The Relative Strength Index (RSI) is at 42, suggesting a slight bearish momentum. The 50-day Exponential Moving Average (EMA) is positioned at $1.0797, with the current price trading below this average, reinforcing the bearish sentiment in the short term.

    Given the current technical setup, the outlook for EUR/USD remains cautious. An entry price for a buy limit order is suggested at $1.07248, with a take profit level set at $1.07664. To mitigate risk, a stop loss is recommended at $1.07005.

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