EURUSD

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EURUSD

The EUR/USD pair continues to remain under pressure due to optimism in the dollar index. This week's preliminary Manufacturing and Services PMI data could have a significant impact on the pair's direction. Moreover, the expectation that the Fed and ECB might resort to interest rate cuts for the remainder of the year is being closely monitored by the markets. As the US elections approach, it is predicted that Trump's return to the scene could increase demand for the dollar. The classic dollar index staying above the 233-day average stands out as a factor supporting the dollar's appreciation.

Technically, the EUR/USD pair is trading close to the 1.078 support level. If this level is broken, a pullback to the 1.0735 and 1.0690 support levels could occur. In upward movements, the 1.083 resistance level is the first significant barrier. If the pair tests above this level, the 1.087 and 1.090 resistance levels could be targeted. The RSI indicator is at the 34 level and shows a negative trend, indicating a weak market outlook. The pair has experienced a 0.11% decline compared to the previous day.

Support :

1.078 - 1.0735 - 1.069

Resistance :

1.083 - 1.087 - 1.09