EUR/USD, H4 29 March 2024
The EUR/USD pair faced downward pressure as the US Dollar continued to appreciate. Investor sentiment favoured the US economy's gradual recovery over the European region, heightening expectations for the Federal Reserve to maintain elevated interest rates. In contrast, the European Central Bank signalled potential monetary policy easing as inflation stabilised, exacerbating the downward trend for the EUR/USD pair.
EUR/USD is trading lower while currently testing the support level. Suggesting the pair might extend its losses after breakout.
Resistance level: 1.0866, 1.0960📉
Support level: 1.0770, 1.0710📈
The EUR/USD pair faced downward pressure as the US Dollar continued to appreciate. Investor sentiment favoured the US economy's gradual recovery over the European region, heightening expectations for the Federal Reserve to maintain elevated interest rates. In contrast, the European Central Bank signalled potential monetary policy easing as inflation stabilised, exacerbating the downward trend for the EUR/USD pair.
EUR/USD is trading lower while currently testing the support level. Suggesting the pair might extend its losses after breakout.
Resistance level: 1.0866, 1.0960📉
Support level: 1.0770, 1.0710📈