EUR/USD consolidates near multi-week top
מעודכן
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On the 1-hour chart today, EURUSD continues to hold the bullish channel formed since last Friday after breaking through two double tops at 1.066, thanks to the weakening of the USD, pushing the EURUSD pair to its highest level in the past month.
Regarding news:
The data reinforces market expectations that the Federal Reserve (Fed) may keep interest rates stable at the December meeting and lead to a further decline in US treasury bond yields. In addition, the risk-on environment turns out to be another factor weighing on the safe-haven greenback. This suggests that the overbought conditions on the hourly chart have hindered traders from betting on new price declines around the USD.
Conclusion and trading strategy:
The above fundamental context indicates that the path of resistance for the greenback is downward and supports prospects for further price increases in the short term for the EUR/USD pair. Next, we need to consider the release of the final Eurozone PMI Services, which could impact USD price dynamics and create short-term buying opportunities around the EUR/USD pair.
On the 1-hour chart today, EURUSD continues to hold the bullish channel formed since last Friday after breaking through two double tops at 1.066, thanks to the weakening of the USD, pushing the EURUSD pair to its highest level in the past month.
Regarding news:
The data reinforces market expectations that the Federal Reserve (Fed) may keep interest rates stable at the December meeting and lead to a further decline in US treasury bond yields. In addition, the risk-on environment turns out to be another factor weighing on the safe-haven greenback. This suggests that the overbought conditions on the hourly chart have hindered traders from betting on new price declines around the USD.
Conclusion and trading strategy:
The above fundamental context indicates that the path of resistance for the greenback is downward and supports prospects for further price increases in the short term for the EUR/USD pair. Next, we need to consider the release of the final Eurozone PMI Services, which could impact USD price dynamics and create short-term buying opportunities around the EUR/USD pair.
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