EUR/USD continues its upward trend, consolidating above 1.1100 in the European session on Wednesday. With the upcoming release of Nonfarm Payrolls benchmark revision and FOMC Minutes, the USD’s valuation could be influenced.
Despite a slight retreat from its 2024 highs, the pair remains technically overbought. The US Dollar faced bearish pressure on Tuesday, allowing EUR/USD to push higher as US Treasury bond yields fell.
The preliminary estimate of the annual benchmark revision to the establishment survey employment series will provide insight into the labor market’s performance. Market participants will also focus on the Federal Reserve’s policy meeting minutes to gauge the central bank’s easing strategy.
EUR/USD Technical Analysis
The Relative Strength Index (RSI) indicator suggests that EUR/USD may see a correction before further upside movement. Immediate resistance is at 1.1140, with 1.1200 as the next target if the pair holds above this level. On the downside, support levels are at 1.1100, 1.1060, and 1.1030.
Analysis and Conclusion
As an investor or trader, it’s crucial to monitor key events like Nonfarm Payrolls revisions and FOMC Minutes, as they can impact currency valuations. The technical analysis of EUR/USD indicates potential levels of support and resistance to consider in your trading decisions.
Understanding the factors driving the EUR/USD pair can help you make informed choices and manage your financial risks effectively. Stay informed and stay ahead in the dynamic world of forex trading.