EURUSD

image

EURUSD

The EUR/USD pair continues to remain under pressure due to optimism in the Dollar Index. The preliminary Manufacturing and Services PMI data to be released today will be significant in terms of their impact on the pair. On the other hand, the upcoming US Presidential elections and developments regarding central banks' interest rate policies could also lead to volatility in the markets. The ECB is expected to make a quarter-point rate cut by the end of the year, while the BoE and Fed are projected to make a combined half-point cut in the remaining two meetings of the year. Additionally, a strong dollar and weak euro scenario could be strengthened by Trump's possible tariff policies.

Technically, the EUR/USD pair is trading near the support level of 1.086. The pair could be experiencing a pullback with the 1.083 and 1.078 levels being monitored as support. In upward movements, the levels of 1.09, 1.094, and 1.099 can be monitored as resistance. The RSI indicator is at 44, showing a negative trend. The pair has recorded a 0.02% decline compared to the previous day. The pair remaining below the 34-period average of 1.0830 indicates that the weak response and strong trend theme may continue.

Support :

1.086 - 1.083 - 1.078

Resistance :

1.09 - 1.094 - 1.099