EURUSD
The EUR/USD pair continues to remain under pressure due to the optimistic pricing behavior of the Dollar Index and the European Central Bank's monetary policy expectations. Preliminary Manufacturing and Services PMI data, which are among the key developments of the week, might exert additional pressure on the pair. While the possibilities of rate cuts in the remaining Federal Reserve and Bank of England meetings of the year influence the EUR/USD, U.S. elections and Trump's policies are also significant focal points for the markets. The decline in inflation figures in the Eurozone supports ECB’s rate cut expectations and creates adverse effects on the pair.
Technically, the EUR/USD pair is trading below the 34-period average at the 1.0830 level, which may indicate the continuation of the weak reaction/strong trend theme. The levels of 1.0780, 1.0735, and 1.0690 are monitored as support for the pair. In upward movements, the levels of 1.087, 1.090, and 1.094 should be followed as resistance. The RSI indicator is at 47, showing a neutral outlook. The pair has experienced a 0.07% decline compared to the previous day. Technical indicators suggest that the pair may continue to exhibit a weak trajectory.
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