EUR/USD has seen a marginal increase, trading near 1.1050, benefiting from a weaker US Dollar. The focus is now on the upcoming August Consumer Price Index (CPI) data in the US economic calendar. Despite the positive movement, the technical outlook suggests a lack of strong recovery momentum.
Euro PRICE This week
The table below displays the percentage change of the Euro (EUR) against major currencies this week. Notably, the Euro showed weakness against the Japanese Yen.
The Relative Strength Index (RSI) indicator on the 4-hour chart for EUR/USD remains below 50, indicating a lack of recovery momentum. Key support levels for EUR/USD include 1.1000-1.0990, 1.0940, and 1.0900, while resistance levels are at 1.1050-1.1060, 1.1100, and 1.1160.
Euro FAQs
The Euro is the currency for 20 European Union countries in the Eurozone, accounting for a significant portion of global foreign exchange transactions. The European Central Bank (ECB) in Frankfurt, Germany, manages monetary policy for the Eurozone, with a focus on maintaining price stability. Key economic indicators such as inflation data, GDP, and trade balance can impact the value of the Euro.
Overall, the current market sentiment favors a weaker US Dollar, with expectations for the upcoming CPI data to influence further movements in the EUR/USD pair. Traders should monitor key support and resistance levels for potential trading opportunities based on the technical analysis provided.