EUR/USD advances to mid-1.0500s on softer US Dollar
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Today, with the stronger US dollar, the EUR/USD pair has been pushed down from its weekly high of 1.0630 to 1.0520. Economic data from the United States reflects that the fundamental factors still support the Greenback and combined with higher interest rates, it has put downward pressure on this currency pair.
The reversal of EUR/USD is occurring near an important resistance level, marking a break below the lower limit of the upward channel. Technical indicators on the 4-hour chart indicate that the exchange rate will continue to decrease, but the pair is currently near the support level of 1.0520. Below that area, the next support level is 1.0500.
If consolidation occurs below the 1.0490 level, it will increase selling pressure and reveal a level of 1.0460, slightly higher than the lowest level in October.
Today, with the stronger US dollar, the EUR/USD pair has been pushed down from its weekly high of 1.0630 to 1.0520. Economic data from the United States reflects that the fundamental factors still support the Greenback and combined with higher interest rates, it has put downward pressure on this currency pair.
The reversal of EUR/USD is occurring near an important resistance level, marking a break below the lower limit of the upward channel. Technical indicators on the 4-hour chart indicate that the exchange rate will continue to decrease, but the pair is currently near the support level of 1.0520. Below that area, the next support level is 1.0500.
If consolidation occurs below the 1.0490 level, it will increase selling pressure and reveal a level of 1.0460, slightly higher than the lowest level in October.
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