EUR/USD: A Comprehensive Outlook Amidst Market Uncertainties
EUR/USD: A Comprehensive Outlook Amidst Market Uncertainties
The EUR/USD pair rebounds from its recent lows, finding support near 1.0850 in tandem with the Dynamic trendline. Meanwhile, a backdrop of hawkish sentiments from Fed officials, coupled with robust US Retail Sales data, bolsters the USD's resilience, signaling a still-healthy economy. The Greenback's safe-haven appeal gains traction amid a weaker risk tone driven by concerns over China's economic recovery and geopolitical tensions.
However, bullish sentiments around the Euro face challenges as ECB policymakers express mixed views on inflation and interest rates. ECB President Christine Lagarde refrains from countering expectations of rate cuts but urges caution amid rising Eurozone inflation.
Technical Analysis:
From a technical standpoint, our initial analysis regarding a long setup remains intact. In comparison to the previous day, the EUR/USD has shown an increase in value. Notably, the nightly pullback around the 1.0850 area aligns precisely with the 200 Moving Average on the Daily timeframe. The current price action involves a retest of the previous resistance at 1.08877 within the accumulation zone. While a bearish retest is considered a secondary option, the prevailing scenario leans towards a bullish impulse, aligning with the overarching uptrend.
Our preference
Long positions above 1.07700 with targets at 1.10170 & 1.1140 in extension.
The EUR/USD pair rebounds from its recent lows, finding support near 1.0850 in tandem with the Dynamic trendline. Meanwhile, a backdrop of hawkish sentiments from Fed officials, coupled with robust US Retail Sales data, bolsters the USD's resilience, signaling a still-healthy economy. The Greenback's safe-haven appeal gains traction amid a weaker risk tone driven by concerns over China's economic recovery and geopolitical tensions.
However, bullish sentiments around the Euro face challenges as ECB policymakers express mixed views on inflation and interest rates. ECB President Christine Lagarde refrains from countering expectations of rate cuts but urges caution amid rising Eurozone inflation.
Technical Analysis:
From a technical standpoint, our initial analysis regarding a long setup remains intact. In comparison to the previous day, the EUR/USD has shown an increase in value. Notably, the nightly pullback around the 1.0850 area aligns precisely with the 200 Moving Average on the Daily timeframe. The current price action involves a retest of the previous resistance at 1.08877 within the accumulation zone. While a bearish retest is considered a secondary option, the prevailing scenario leans towards a bullish impulse, aligning with the overarching uptrend.
Our preference
Long positions above 1.07700 with targets at 1.10170 & 1.1140 in extension.
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