As the world’s best investment manager and financial market journalist, I bring you the latest update on the EUR/USD pair. Currently trading around 1.0825, the pair is showing signs of strength after a two-day decline. However, the negative outlook persists below the 100-period EMA and bearish RSI indicator.
Uncertainty looms over the market due to concerns about further rate cuts by the ECB in September following weak economic data from Germany. The focus now shifts to the Fed’s interest rate decision later today.
From a technical perspective, the EUR/USD pair is holding below the key 100-period EMA on the 4-hour chart, indicating a bearish trend. The RSI is also below the midline, suggesting downward momentum. The first upside target is at 1.0845, with key support at 1.0795-1.0805.
If the pair breaks above 1.0845, it could target 1.0870 and then 1.0900. On the downside, a breach of 1.0795-1.0805 may lead to a drop towards 1.0776 and 1.0709.
EUR/USD 4-hour chart
For more insights on the Euro and its impact on the global economy, check out our Euro FAQs below:
Euro FAQs
- Learn about the Eurozone and its currency
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- Discover how inflation data and economic indicators affect the Euro
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Overall, the EUR/USD pair is facing key levels and events that could shape its direction in the coming days. Stay tuned for updates on this major currency pair and its impact on your investments and financial decisions.