EUR/USD is currently trading in a narrow range below the 1.1100 level, with the possibility of extending losses if it breaks below the 1.1050-1.1040 support area. Market participants are closely watching the US July PCE inflation data, which could impact the direction of the pair.
Euro Price Performance This Week
The table below displays the percentage change of the Euro (EUR) against major currencies this week. Notably, the Euro was weakest against the New Zealand Dollar.
After upbeat macroeconomic data from the US, the US Dollar (USD) strengthened, leading to a drop in EUR/USD to its lowest level in over a week. Key data releases, including the revised GDP growth rate and unemployment benefits figures, influenced the market sentiment.
Looking ahead, Eurostat will release the Eurozone HICP data for August, while the US will publish the PCE Price Index data for July. Investors are monitoring these releases for potential market impact.
Technical Analysis of EUR/USD
The RSI indicator on the 4-hour chart remains below 40, indicating a bearish bias. Key support levels to watch include 1.1050-1.1040, 1.1000, and 1.0965. Resistance levels are at 1.1100, 1.1125-1.1135, and 1.1160.
Euro FAQs
Learn more about the Euro and its impact on the financial markets:
- Find out about the Euro’s role in the 20 European Union countries.
- Understand the ECB’s influence on interest rates and monetary policy.
- Discover how Eurozone inflation data affects the Euro’s value.
- Learn how economic indicators and data releases impact the Euro’s performance.
- Explore the significance of the Trade Balance on the Euro’s strength.
Understanding these key factors can help investors make informed decisions in the forex market.