The overall trend for EURUSD remains bearish, currently undergoing a corrective phase with an anticipated test of the key support level at 1.0635-1.0642. However, multiple tests of this support may weaken its effectiveness. Conversely, the key resistance level stands at 1.0754-1.0764. The upcoming week is poised to bring heightened volatility, especially for USD-denominated pairs, owing to the impending FOMC meeting and interest rate decision. Additionally, Tuesday will see the release of EU CPI and Core CPI data, with economists predicting stability in CPI but a decline in Core CPI. This mixed outlook suggests that EURUSD may tread sideways from Monday to Wednesday ahead of the FOMC release.
Multiple factors contribute to the bearish overall trend of EURUSD:
The EMA 50 resides below the EMA 200.
On September 14, 2023, the RSI dipped below the critical 30 threshold.
The MACD signal line remains situated below the zero line.
Following a substantial bearish move on September 14, 2023, EURUSD has entered a corrective phase aimed at establishing a fresh lower high. This short-term resistance level is likely to materialize within the range of 1.0687 to 1.0704.
Forecast: 5.3%
Previous: 5.5%
Forecast: 5.3%
Previous: 5.5%
Forecast: 1.440M
Previous: 1.443M
Forecast: 1.440M
Previous: 1.452M
Forecast: 5.50%
Previous: 5.50%
Forecast: 225K
Previous: 220K
Forecast: -1.0
Previous: 12.0
Forecast: 4.10M
Previous: 4.07M
Forecast: 47.5
Previous: 47.9
Forecast: 44.0
Previous: 43.5
Forecast: 46.3
Previous: 46.7
Forecast: 47.9
Previous: 47.9
Forecast: 50.3
Previous: 50.5
Previous: 50.2
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