Title: Euro Gains Strength Amidst USD Weakness – Daily Analysis and Forecast
The Euro (EUR) showed signs of strength against the US Dollar (USD) as reported by OCBC FX strategists Frances Cheung and Christopher Wong. The pair was last seen trading at 1.1098, with daily momentum leaning towards a mild bearish trend. The Relative Strength Index (RSI) remained flat, indicating a possible sideways movement in the near future.
Key support levels to watch for include 1.1026 (recent low), 1.10, and 1.0930 (61.8% Fibonacci retracement of 2024 high to low). On the other hand, resistance levels stand at 1.12 (recent high) and 1.1280 (2023 high).
This week, market focus will be on retail sales data on Thursday and GDP figures on Friday. Any disappointing data releases could lead to a more dovish stance from the European Central Bank (ECB) and potentially push the EUR lower against the USD.
Analysis: The Euro’s performance against the US Dollar is currently influenced by broader market sentiment and key economic data releases. Investors should pay close attention to upcoming retail sales and GDP figures as they could impact the direction of the EUR/USD pair. It is important to stay informed and consider potential implications on investment decisions and financial strategies.