The Euro (EUR) is teetering on a potential further decline, with critical attention on the support level at 1.0640, marked distinctly in an orange rectangle. If the EUR dips below this threshold, it could lead to a prolonged downward trend.
Two days ago, the EUR dropped to 1.0689 before making a slight recovery. Yesterday, there was a marginal increase in momentum, hinting at a possible dip below the 1.0689 mark, though it seemed unlikely that major support at 1.0670 would be challenged. Contrary to this expectation, the EUR fell further, hitting a low of 1.0664. Today, another decline in the EUR is possible, but it remains uncertain whether it can breach the significant support level at 1.0640. The 1.0665 level continues to act as strong support. On the upside, resistance stands at 1.0695, and a break above 1.0710 would signal that the EUR's weakness has stabilized.
In an analysis from two days ago (when the EUR was at 1.0730), it was suggested that the EUR had likely entered a consolidation phase, expected to trade between 1.0670 and 1.0800. However, the EUR dropped to a low of 1.0664 yesterday. Although downward momentum is increasing, it has not yet reached the point of a sustained decline. The crucial support level at 1.0640 remains pivotal. As long as the EUR does not breach the 1.0730 level, it is likely to remain under pressure, with a sustained decline only probable if it clearly breaks below 1.0640.
Technical indicators are bearish:
These signals collectively point towards a bearish outlook for the EURUSD.
| Time (GMT) | Currency | Event | Impact | Actual | Forecast | Previous |
|---|---|---|---|---|---|---|
| 06:50 | JPY | Retail Sales YoY | Medium | 3% | 2% | 2.4% |
| 08:00 | NZD | ANZ Business Confidence | Medium | 6.1 | 10.2 | 11.2 |
| 15:00 | EUR | Business Confidence | Medium | 86.8 | 88.7 | 88.4 |
| -- | EUR | Consumer Confidence | Medium | 98.3 | 97 | 96.4 |
| 16:00 | EUR | Economic Sentiment | Medium | 96.2 | 96 | -- |
| 17:00 | AUD | RBA Hauser Speech | Medium | -- | -- | -- |
| 18:30 | EUR | Business Confidence | Medium | -5 | -6.3 | -- |
| 19:30 | USD | GDP Growth Rate QoQ Final | High | 1.4% | 3.4% | |
| 19:30 | USD | GDP Price Index QoQ Final | High | 3.1% | 1.7% | |
| 19:30 | USD | Core PCE Prices QoQ Final | High | 3.6% | 2% | |
| 19:30 | USD | Durable Goods Orders Ex Transp MoM | Medium | 0.2% | 0.4% | |
| 19:30 | USD | Durable Goods Orders ex Defense MoM | Medium | -0.1% | 0% | |
| 19:30 | USD | Durable Goods Orders MoM | Medium | -0.1% | 0.7% | |
| 19:30 | USD | Initial Jobless Claims | High | 236K | 238K | |
| 19:30 | USD | Wholesale Inventories MoM Adv | Medium | 0.1% | 0.1% | |
| 19:30 | USD | Goods Trade Balance Adv | Medium | $-96B | $-99.41B | |
| 19:30 | USD | Retail Inventories Ex Autos MoM Adv | Medium | 0.2% | 0.3% | |
| 21:00 | USD | Pending Home Sales MoM | Medium | 2.5% | -7.7% | |
| 21:00 | USD | Pending Home Sales YoY | Medium | 2.5% | -7.4% |
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