EUR/USD is trading in a tight range below 1.1200, maintaining its bullish momentum in the near term. The latest technical analysis indicates a potential correction before further upside movement. The US economic calendar will highlight Durable Goods Orders data for July, which could impact market direction.
Euro PRICE Last 7 days
The Euro showed strength against major currencies in the last 7 days, with the US Dollar being the weakest performer. The table below illustrates the percentage change of Euro against key currencies.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -1.40% | 1.40% | 1.92% | 2.58% | 1.29% | 1.56% | 2.62% | 2.26% |
The recent selling pressure on the US Dollar propelled EUR/USD higher, but the cautious market sentiment may limit further gains. The upcoming Durable Goods Orders data release could provide a fresh impetus for the USD movement.
EUR/USD Technical Analysis
The Relative Strength Index (RSI) suggests a correctional phase for EUR/USD, while the pair remains within an ascending channel. Key support levels include 1.1150, 1.1100, and 1.1080, with resistance levels at 1.1200, 1.1230, and 1.1260.
Euro FAQs
Learn more about the Euro and its impact on global markets:
- The Euro is the second most traded currency globally, with EUR/USD being the most popular currency pair.
- The European Central Bank (ECB) plays a crucial role in managing the Eurozone’s monetary policy.
- Eurozone inflation data and economic indicators influence the Euro’s value in the forex market.
- Trade Balance data release is essential for understanding the Euro’s trade dynamics.
Analysis and Conclusion
In summary, EUR/USD is consolidating below 1.1200 with a bullish bias, awaiting the Durable Goods Orders data release for direction. Understanding the Euro’s strength and its impact on global markets can help investors make informed decisions. Stay tuned for market updates and key economic indicators to navigate the dynamic forex landscape effectively.