- The EUR remains well under pressure near 1.0900 vs. the USD.
- The USD Index advances to 4-week peaks near 103.00.
- The BoE is expected to hike its policy rate later on Thursday.
- Speculation that the Fed might have ended its hiking cycle runs high.
- Markets’ focus remain on the US labour market this week.
- The EUR remains well under pressure near 1.0900 vs. the USD.
- The USD Index advances to 4-week peaks near 103.00.
- The BoE is expected to hike its policy rate later on Thursday.
- Speculation that the Fed might have ended its hiking cycle runs high.
- Markets’ focus remain on the US labour market this week.
Technical Analysis: Euro now shifts its focus to 1.0900
EUR/USD weakens further and trades near the 1.0900 region, an area also coincident with the transitory 55-day and 100-day SMAs.
The loss of the 1.09100 region, where the provisional 55-day and 100-day SMAs converge, leaves EUR/USD vulnerable to a probable drop to the July low of 1.0833 (July 6) ahead of the key 200-day SMA at 1.0737 and the May low of 1.0635 (May 31). South from here emerges the March low of 1.0516 (March 15) before the 2023 low of 1.0481 (January 6).
On the other hand, occasional bullish attempts could motivate the pair to initially dispute the weekly top at 1.1149 (July 27). Above this level the downside pressure could mitigate somewhat and could encourage the pair to test the 2023 high at 1.1275 (July 18). Once this level is cleared, there are no resistance levels of significance until the 2022 peak of 1.1495 (February 10), which is closely followed by the round level of 1.1500.
Furthermore, the constructive view of EUR/USD appears unchanged as long as the pair trades above the key 200-day SMA.
EUR/USD weakens further and trades near the 1.0900 region, an area also coincident with the transitory 55-day and 100-day SMAs.
The loss of the 1.09100 region, where the provisional 55-day and 100-day SMAs converge, leaves EUR/USD vulnerable to a probable drop to the July low of 1.0833 (July 6) ahead of the key 200-day SMA at 1.0737 and the May low of 1.0635 (May 31). South from here emerges the March low of 1.0516 (March 15) before the 2023 low of 1.0481 (January 6).
On the other hand, occasional bullish attempts could motivate the pair to initially dispute the weekly top at 1.1149 (July 27). Above this level the downside pressure could mitigate somewhat and could encourage the pair to test the 2023 high at 1.1275 (July 18). Once this level is cleared, there are no resistance levels of significance until the 2022 peak of 1.1495 (February 10), which is closely followed by the round level of 1.1500.
Furthermore, the constructive view of EUR/USD appears unchanged as long as the pair trades above the key 200-day SMA.
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