🇪🇺 EUR/USD, H4 🇺🇸 27 March 2024
The EUR/USD pair experienced a modest retracement after bouncing back from its recent low around 1.0800. This retracement was driven by a strengthening of the dollar yesterday, supported by upbeat U.S. economic data. In contrast, the euro lacked significant catalysts for further gains. Moreover, with the euro's Consumer Price Index (CPI) being lower than that of the U.S. and UK, market expectations of a potential rate cut by the European Central Bank (ECB) have been growing, adding downward pressure on the euro.
EUR/USD retraced from its technical rebound, suggesting the pair remain trading with its long-term bearish trajectory. Suggests the pair remain trading with bearish momentum.
Resistance level: 1.0866, 1.0955📉
Support level: 1.0780, 1.0700📈
The EUR/USD pair experienced a modest retracement after bouncing back from its recent low around 1.0800. This retracement was driven by a strengthening of the dollar yesterday, supported by upbeat U.S. economic data. In contrast, the euro lacked significant catalysts for further gains. Moreover, with the euro's Consumer Price Index (CPI) being lower than that of the U.S. and UK, market expectations of a potential rate cut by the European Central Bank (ECB) have been growing, adding downward pressure on the euro.
EUR/USD retraced from its technical rebound, suggesting the pair remain trading with its long-term bearish trajectory. Suggests the pair remain trading with bearish momentum.
Resistance level: 1.0866, 1.0955📉
Support level: 1.0780, 1.0700📈