EUR/USD closed higher on Monday but struggles to gain momentum. The pair remains within a week-old range above 1.0900, with the technical outlook showing no clear direction.
The US economic calendar will highlight producer inflation data, potentially impacting the pair’s movement in the short term.
Euro Price Movement Last 7 Days
The Euro (EUR) showed weakness against major currencies in the last 7 days, particularly struggling against the New Zealand Dollar (NZD).
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.28% | -0.17% | 2.56% | -0.66% | -1.58% | -1.59% | 1.81% |
The pullback in US Treasury bond yields limited the USD’s gains against the Euro on Monday, helping EUR/USD to edge higher. However, the upside for the pair is capped as the USD remains resilient against other major currencies.
The upcoming release of the Producer Price Index (PPI) data for July could provide a boost to the USD if the core PPI exceeds expectations. Investors are cautious ahead of the July Consumer Price Index report on Wednesday.
Additionally, recent data from Germany and the Eurozone showed a decline in economic sentiment, impacting the demand for the Euro.
EUR/USD Technical Analysis
EUR/USD is currently trading within a narrow range between 1.0900 and 1.0940, with the RSI indicator reflecting a lack of momentum. Support levels are at 1.0880-1.0870 and 1.0850, while resistance levels are at 1.0940, 1.0960, and 1.1000.
Overall, the technical outlook for EUR/USD suggests a sideways movement with limited directional bias at the moment.
Euro FAQs
For those interested in understanding more about the Euro and its impact on the global financial market, here are some frequently asked questions:
- What is the Euro and how does it compare to other major currencies?
- What role does the European Central Bank (ECB) play in managing the Eurozone economy?
- How does Eurozone inflation data affect the value of the Euro?
- What economic indicators influence the direction of the Euro?
- Why is the Trade Balance an important data release for the Euro?
By understanding these key factors, investors can make informed decisions regarding their exposure to the Euro and its related currency pairs.