Curious if EURUSD is on the bullish trend? Watch this insightful analysis to understand the current market sentiment, key indicators, and potential future movements of the EURUSD pair.
Watch the video to learn more…
Is EURUSD Bullish?
The USD has recently experienced a dip in strength following a string of disappointing economic data releases from the United States. Notably, the US ISM Manufacturing PMI took a hit, plummeting from 79.6 to 76.9 just last Friday. This unexpected decline sent shock waves through the forex market, leading to a sell-off in the USD. The situation was further exacerbated by a downturn in the ISM Services PMI number, compounding concerns about the health of the US economy.
Conversely, the Euro has found itself in a relatively stable position, buoyed by the European Central Bank's (ECB) cautious approach to monetary policy. Market analysts widely anticipate that the ECB will maintain interest rates at 4.5% during its upcoming meeting this week. This steady stance from the ECB adds to the Euro's appeal, particularly in contrast to the uncertainty surrounding the USD.
With these factors in mind, many traders are eyeing a potential bullish trend for the EURUSD pair. The weakening of the USD coupled with the Euro's resilience paints a favorable picture for Euro bulls. However, as with any trading scenario, uncertainties persist, and prudent risk management remains paramount.
You can see more EURUSD analysis in the VIP Trading Room.
EURUSD
The price on the chart has traded through multiple technical levels and some observations included:
- EURUSD found support at the lows of 1.0700, seeing price rally to form new highs around 1.0875.
- If price can break and close above the highs of 1.0875, then buyers could drive prices into the next levels of resistance such as 1.1000.
Have you entered a trading competition before and failed? Maybe these tips can help.
Enjoy low spreads and quick trade executions with a live account. Our highly committed customer support team will assist you with your quick account setup for any future concerns. Start trading with Blueberry.
