EUR/USD Clings to Modest Daily Gains Above 1.0800
- EUR/USD came under bearish pressure on Monday and closed negatively.
- Investors await comments from ECB President Christine Lagarde.
- The near-term technical outlook remains bearish despite the latest recovery attempt.
The EUR/USD pair is holding onto modest recovery gains above 1.0800 early on Tuesday as the market anticipates remarks from European Central Bank (ECB) President Christine Lagarde.
Euro Price Last 7 Days
The table below displays the percentage change of the Euro (EUR) against major currencies over the last 7 days, with the Euro showing weakness against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.74% | 0.52% | 0.82% | 0.26% | 0.68% | 0.70% | 0.28% |
The heat map illustrates the percentage changes of major currencies against each other, with the base currency chosen from the left column and the quote currency from the top row.
Amid a lack of high-tier data releases, the risk-averse market environment supported the US Dollar (USD) on Monday, keeping the EUR/USD pair on the defensive.
During a conversation with Bloomberg journalist Francine Lacqua at 14:30 GMT, ECB President Lagarde may provide insights into potential policy rate adjustments in December, reflecting concerns over economic conditions in the Euro area.
EUR/USD Technical Analysis
The Relative Strength Index (RSI) indicator, currently below 50, suggests a continued bearish bias despite a recent recovery.
Key levels to watch:
- Support: 1.0800, 1.0780, 1.0740
- Resistance: 1.0870, 1.0900, 1.0950
Euro FAQs
Here are some frequently asked questions about the Euro:
- What is the Euro?
- What is the role of the European Central Bank (ECB)?
- How do economic indicators affect the Euro?
- Why is the Trade Balance important for the Euro?
The Euro is the currency used in the 19 European Union countries of the Eurozone. It is the second most traded currency globally, with EUR/USD being the most popular currency pair.
The ECB, based in Frankfurt, Germany, manages monetary policy and sets interest rates for the Eurozone. It aims to maintain price stability by controlling inflation and stimulating growth.
Data releases such as GDP, PMIs, and inflation figures impact the Euro’s value. A strong economy attracts investors and may lead to interest rate hikes, strengthening the Euro.
The Trade Balance measures a country’s exports versus imports. A positive balance boosts a currency’s value, indicating strong demand for exports.
Stay informed about the Euro’s performance and related economic factors to make informed investment decisions.