EUR/USD soared to its highest level since early January, surpassing 1.1000 and signaling bullish momentum. However, technical indicators suggest the pair is overbought and the focus now shifts to upcoming US inflation data for potential market action.
Euro PRICE This week
The Euro (EUR) showed strength against major currencies this week, with the Japanese Yen being the weakest performer. The heat map below illustrates the percentage changes for each currency pair.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.96% | -0.62% | 0.31% | -0.21% | -0.86% | -0.16% | -0.31% | |
| EUR | 0.96% | 0.36% | 1.25% | 0.75% | -0.03% | 0.80% | 0.67% | |
| GBP | 0.62% | -0.36% | 1.15% | 0.39% | -0.39% | 0.43% | 0.31% | |
| JPY | -0.31% | -1.25% | -1.15% | -0.49% | -1.23% | -0.46% | -0.63% | |
| CAD | 0.21% | -0.75% | -0.39% | 0.49% | -0.71% | 0.05% | -0.07% | |
| AUD | 0.86% | 0.03% | 0.39% | 1.23% | 0.71% | 0.82% | 0.70% | |
| NZD | 0.16% | -0.80% | -0.43% | 0.46% | -0.05% | -0.82% | -0.12% | |
| CHF | 0.31% | -0.67% | -0.31% | 0.63% | 0.07% | -0.70% | 0.12% |
The US Dollar faced selling pressure in the American session, allowing EUR/USD to rise further. The upcoming US inflation data release for July could influence market sentiment and impact the currency pair’s direction.
Stay updated with the latest economic indicators like the Consumer Price Index (CPI) data, which offers valuable insights into inflation trends and their potential effects on the market.
EUR/USD Technical Analysis
The Relative Strength Index (RSI) indicates overbought conditions for EUR/USD, with key resistance levels at 1.1060 and 1.1100. In case of a correction, support levels are at 1.0960, 1.0940, and 1.0900.
Understanding technical analysis and upcoming economic events can help investors make informed decisions about trading EUR/USD and navigating the financial markets effectively.