The Euro (EUR)
The Euro (EUR)
FUNDAMENTAL:
Key news events today
No major news events.
What can we expect from EUR today?
The EUR/USD currency pair is showing signs of recovery and has bounced off the support level at 1.07525. It is rising towards the resistance level at 1.0835. In the Asian session, EUR/USD is showing signs of slowing down.
Central Bank Notes:
- The ECB kept the three key interest rates unchanged.
- Inflation is still expected to stay too high for too long, and domestic price pressures remain strong.
- The Governing Council’s past interest rate increases continue to be transmitted forcefully into financing conditions.
- The Governing Council will continue to follow a data-dependent approach to determining the appropriate level and duration of restriction.
- Next meeting is on 14 December 2023.
Next 24 Hours Bias
Weak Bullish
TECHNICAL:
The EUR/USD chart currently has a bullish overall momentum, and there’s a potential scenario where price could make a bullish bounce off the 1st support level and head towards the 1st resistance.
The 1st support at 1.0746 is categorized as an overlap support and coincides with the 50% Fibonacci Retracement level. This level is significant as it suggests a potential area where buying interest may emerge, providing support for the EUR/USD pair.
The 2nd support at 1.0666 is also identified as an overlap support and coincides with the 61.80% Fibonacci Retracement level, further reinforcing its importance as a potential level where buyers might become active.
On the resistance side, the 1st resistance at 1.0824 is categorized as an overlap resistance, suggesting it as a substantial barrier where selling interest could intensify, potentially limiting upward movements.
The 2nd resistance at 1.0879 is noted as a pullback resistance and coincides with the 50% Fibonacci Retracement level, indicating potential Fibonacci confluence. This level is also expected to be a strong resistance level.