The EUR/USD pair is on the rise, benefiting from a weakened US Dollar and positive market sentiment. Currently trading around 1.0985, the pair is showing signs of bullish potential, supported by technical indicators and market conditions.
The US Dollar’s struggles are attributed to expectations of a rate cut by the Federal Reserve in September, as well as a positive tone in global equity markets. This has led to a decline in the safe-haven appeal of the Greenback, providing a boost to the EUR/USD pair.
From a technical standpoint, the recent bounce from the 1.1950 resistance turned support level is a positive sign for bullish traders. The daily chart’s oscillators are also indicating a favorable outlook, suggesting that the pair has room for further appreciation.
Looking ahead, a break above the 1.1000 level could open the door for a challenge towards the year-to-date peak near 1.1045-1.1050. On the downside, the 1.0950 support level will be crucial in protecting against any potential losses, with further support at 1.0920 and 1.0900.
Breaking below 1.0880 could signal a shift in sentiment towards bearish territory, with the 200-day Simple Moving Average at 1.0835 acting as a key level to watch. A breach below this level could indicate a reversal in the near-term trend.
Overall, the current market conditions favor a bullish outlook for the EUR/USD pair, with potential for further gains towards the 1.1100 mark. Traders should monitor key support and resistance levels for potential entry and exit points in the coming sessions.
US Dollar Price Today
The table below shows the percentage change of the US Dollar against major currencies today. The US Dollar performed strongest against the Canadian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.13% | -0.20% | -0.27% | -0.05% | -0.27% | -0.39% | -0.41% | |
| EUR | 0.13% | -0.07% | -0.15% | 0.08% | -0.18% | -0.38% | -0.25% | |
| GBP | 0.20% | 0.07% | -0.10% | 0.15% | -0.10% | -0.30% | -0.19% | |
| JPY | 0.27% | 0.15% | 0.10% | 0.28% | -0.01% | -0.23% | -0.14% | |
| CAD | 0.05% | -0.08% | -0.15% | -0.28% | -0.25% | -0.48% | -0.36% | |
| AUD | 0.27% | 0.18% | 0.10% | 0.01% | 0.25% | -0.21% | -0.11% | |
| NZD | 0.39% | 0.38% | 0.30% | 0.23% | 0.48% | 0.21% | 0.12% | |
| CHF | 0.41% | 0.25% | 0.19% | 0.14% | 0.36% | 0.11% | -0.12% |
The current market conditions and technical analysis point towards a bullish trend for the EUR/USD pair, with potential for further gains in the near term. Traders should remain vigilant and use key levels for strategic decision-making in their trading activities.