EUR/USD Technical Analytics in View of Current Scenario

Market Considerations and Analytics

Key Notes

EUR/USD Prevalent level – 1.0582

The euro strengthened against the dollar, and after the barrier around 1.0549 was broken, the pair is now headed for a test of the upper region at 1.0594. A breach of the aforementioned support level could increase optimism on the future course of the EUR/USD and could quickly push the pair back towards its levels from June, or roughly 1.0750. If the bullish impetus wanes, the indicated zone at 1.0549 serves as the first support, with 1.0442 serving as the following objective.

The current mood of the market participants may alter if the lower level at 1.0396 is breached. Due to the fact that the PPI figures for the US will be released at 13:30 GMT and will provide traders with hints as to what the CPI reading may be next week, price volatility is to be anticipated surrounding their release.

                                                                        Daily SMA

Daily- SMA