EUR/USD Analysis: Current Price and Market Trends
- United States Treasury Yields Impacting USD Strength
- Macroeconomic Calendar Overview and GDP Readings
- EUR/USD Technical Outlook and Support/Resistance Levels
As of the latest update, the EUR/USD pair continues to slide, nearing multi-week lows around the 1.0770 mark during the mid-European session. The US Dollar remains strong, driven by market uncertainty and election concerns, while the Euro faces challenges due to weak local economic data signaling ongoing setbacks in the economy.
Market sentiment is closely monitoring the movement of US Treasury yields, which are currently at multi-week highs, with the 10-year note offering 4.22% and the 2-year note at 4.04%. This trend is supporting the strength of the US Dollar against other major currencies.
Looking ahead, the macroeconomic calendar is relatively quiet, with a focus on upcoming GDP readings next week. Key data releases include preliminary Q3 GDP estimates from the Eurozone, Germany, and the US, which will provide insights into the economic health of these regions.
Additional market events to watch include the release of October Consumer Confidence in the EU, September Existing Home Sales in the US, and speeches from Federal Reserve officials and European Central Bank President Christine Lagarde.
EUR/USD Short-Term Technical Analysis
On the daily chart, the EUR/USD pair is trading near recent lows, showing no signs of a reversal despite oversold conditions. Technical indicators like the RSI and Momentum are bearish, with the pair below key moving averages. In the short term, support levels are seen at 1.0750, followed by 1.0710 and 1.0660, while resistance levels are at 1.0800, 1.0840, and 1.0885.
Despite potential for a bullish correction indicated by RSI on the 4-hour chart, the overall trend remains bearish with the pair trading below key moving averages. Support at 1.0750 is crucial, with resistance levels at 1.0800, 1.0840, and 1.0885.
Support Levels: 1.0750, 1.0710, 1.0660
Resistance Levels: 1.0800, 1.0840, 1.0885
Analysis Summary
The EUR/USD pair is currently facing downward pressure due to a strong US Dollar and weak Eurozone economic data. US Treasury yields are influencing market sentiment, with upcoming GDP readings expected to provide further clarity on the economic outlook. Technical indicators suggest a bearish trend in the short term, with key support and resistance levels to watch for potential price movements.