Exploring the Unassailable Position of the U.S. Dollar
Technical analysis
From the point of view of technical analysis, we believe that the EUR/USD pair has completed the corrective wave Ⓑ after reaching the price range of 1.0945-1.097, which has also been a strong resistance zone over the last few days.
After which, we expect that EUR/USD will continue to correct within the impulsive wave © until it reaches a strong support zone.
Fundamental Analysis
Thanks to positive macroeconomic data released by government agencies in the US and European Union and lower oil prices in recent weeks, the likelihood of the Fed cutting interest rates in early 2024 has increased sharply.
Moreover, the US economy has shown remarkable resilience relative to Europe in recent months, reflected in the faster rate of decline in inflation, job growth, and foreign direct investment. In addition, according to Adobe, Americans spent a record $5.6 billion on online shopping, up 5.5% from November 23, 2022, which will also help increase the attractiveness of the USD relative to the EUR.
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Analyst’s Disclosure:
This article may not take into account all the risks and catalysts for the stocks described in it. Any part of this analytical article is provided for informational purposes only, does not constitute an individual investment recommendation, investment idea, advice, offer to buy or sell securities, or other financial instruments. The completeness and accuracy of the information in the analytical article are not guaranteed. If any fundamental criteria or events change in the future, I do not assume any obligation to update this article.
From the point of view of technical analysis, we believe that the EUR/USD pair has completed the corrective wave Ⓑ after reaching the price range of 1.0945-1.097, which has also been a strong resistance zone over the last few days.
After which, we expect that EUR/USD will continue to correct within the impulsive wave © until it reaches a strong support zone.
Fundamental Analysis
Thanks to positive macroeconomic data released by government agencies in the US and European Union and lower oil prices in recent weeks, the likelihood of the Fed cutting interest rates in early 2024 has increased sharply.
Moreover, the US economy has shown remarkable resilience relative to Europe in recent months, reflected in the faster rate of decline in inflation, job growth, and foreign direct investment. In addition, according to Adobe, Americans spent a record $5.6 billion on online shopping, up 5.5% from November 23, 2022, which will also help increase the attractiveness of the USD relative to the EUR.
Show your support by liking👍, following✅, sharing🙌, and commenting✍! Feel free to share your ideas and charts below. Your engagement is crucial in spreading the word and maintaining the relevance of the content. Thanks for being an essential part of this community!
Analyst’s Disclosure:
This article may not take into account all the risks and catalysts for the stocks described in it. Any part of this analytical article is provided for informational purposes only, does not constitute an individual investment recommendation, investment idea, advice, offer to buy or sell securities, or other financial instruments. The completeness and accuracy of the information in the analytical article are not guaranteed. If any fundamental criteria or events change in the future, I do not assume any obligation to update this article.
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