The Euro (EUR) has been steadily increasing in value against the US Dollar (USD) as overall USD weakness persists, as noted by OCBC’s top analysts Frances Cheung and Christopher Wong.
Non-Farm Payrolls Report (NFP) Expected to Impact EUR/USD Pair
“The EUR/USD pair is currently trading at 1.1110. The bearish momentum on the daily chart is showing signs of weakening, with the RSI indicator edging higher. The direction of the USD will be crucial in determining the pair’s movement. Key resistance levels to watch out for are at 1.12 (recent high) and 1.1280 (highest level since 2023). On the downside, support levels are at 1.1026 (recent low), 1.10, and 1.0930 (61.8% Fibonacci retracement level of the high to low range in 2024).”
Expert Analysis and Forecast
Based on the current market trends and upcoming economic data releases, it is crucial for investors to monitor the NFP report closely as it could have a significant impact on the EUR/USD pair. With resistance levels at 1.12 and 1.1280, and support levels at 1.1026, 1.10, and 1.0930, traders should be prepared for potential volatility in the currency pair.
Conclusion
As an experienced investment manager and financial market journalist, it is important to stay informed about key market developments and economic indicators that could influence currency movements. By understanding the technical analysis and expert forecasts provided in this article, investors can make informed decisions about their trading strategies and potentially capitalize on the fluctuations in the EUR/USD pair.