EURUSD: Continues to maintain the uptrend at old support 1.0800
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Overall, EURUSD has experienced a significant price increase, breaking free from the short-term downtrend at 1.0857. It is currently trading at a new high of 1.0897, after reaching a level of 1.0915, marking a 0.01% decrease for the day. So, what are the reasons and factors that have caused the price to drop and what are the prospects for the future?
Regarding the influencing factors: EUR/USD has attempted to surpass the crucial resistance level of 1.0900, climbing to multi-week highs due to increased selling pressure that has undermined the US Dollar, especially after discouraging prints from the ADP report and unexpected comments from Fed Powell.
Meanwhile, the USD index (DXY) has declined for the fourth consecutive session, reaching its lowest level in 5 weeks at around 103.00. This decline is accompanied by further decreases in US interest rates, amidst a stable speculation about Fed rate cuts in June.
As for the new prospects for EURUSD: On the 4-hour chart, EURUSD is currently receiving strong support around 1.0700-1.0750. Breaking below this level will lead to a significant price decrease, while maintaining it will result in price increases. It is expected that the price will continue to recover after a correction and touch the ascending channel, testing the EMA 34,89 once again.
Overall, EURUSD has experienced a significant price increase, breaking free from the short-term downtrend at 1.0857. It is currently trading at a new high of 1.0897, after reaching a level of 1.0915, marking a 0.01% decrease for the day. So, what are the reasons and factors that have caused the price to drop and what are the prospects for the future?
Regarding the influencing factors: EUR/USD has attempted to surpass the crucial resistance level of 1.0900, climbing to multi-week highs due to increased selling pressure that has undermined the US Dollar, especially after discouraging prints from the ADP report and unexpected comments from Fed Powell.
Meanwhile, the USD index (DXY) has declined for the fourth consecutive session, reaching its lowest level in 5 weeks at around 103.00. This decline is accompanied by further decreases in US interest rates, amidst a stable speculation about Fed rate cuts in June.
As for the new prospects for EURUSD: On the 4-hour chart, EURUSD is currently receiving strong support around 1.0700-1.0750. Breaking below this level will lead to a significant price decrease, while maintaining it will result in price increases. It is expected that the price will continue to recover after a correction and touch the ascending channel, testing the EMA 34,89 once again.
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