EUR/USD Continues to Rise in European Session

USD Struggles to Maintain Momentum

• EUR/USD on the rise towards 1.1350
• US Dollar facing selling pressure
• Technical outlook shows ongoing buyer interest

  After a brief dip on Thursday, EUR/USD is back on the upswing, heading towards 1.1350 in the European session. The US Dollar is encountering challenges as it struggles to hold its ground after a strong performance against other currencies on Thursday. The technical analysis indicates a continuation of buyer interest in the near term.

  Euro PRICE This Week
  

  Euro Outperforms Against Major Currencies
  

• Euro strongest against the US Dollar this week
• Percentage changes of Euro against major currencies
• Positive outlook for the Euro in the current market conditions

  The table below showcases the percentage change of the Euro (EUR) against major currencies this week, with the Euro emerging as the strongest against the US Dollar.

  | Currency | USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF |
  |———-|——–|——–|——–|——–|——–|——–|——–|——–|
  | USD | -1.41% | -1.53% | -1.39% | -1.15% | -0.79% | -1.10% | -1.26% |
  | EUR | 1.41% | -1.53% | -0.14% | 0.05% | 0.33% | 0.75% | 0.38% | 0.17% |
  | GBP | 1.53% | 0.14% | -1.39% | -0.10% | 0.47% | 0.89% | 0.52% | 0.31% |
  | JPY | 1.39% | -0.05% | 0.10% | -1.39% | 0.27% | 0.79% | 0.52% | 0.21% |
  | CAD | 1.15% | -0.33% | -0.47% | -0.27% | -1.15% | 0.37% | 0.05% | -0.16% |
  | AUD | 0.79% | -0.75% | -0.89% | -0.79% | -0.37% | -0.79% | -0.37% | -0.57% |
  | NZD | 1.10% | -0.38% | -0.52% | -0.52% | -0.05% | 0.37% | -1.10% | -0.21% |
  | CHF | 1.26% | -0.17% | -0.31% | -0.21% | 0.16% | 0.57% | 0.21% | -1.26% |

  Market Analysis
  

• Upbeat PMI data boosts USD momentarily
• Concerns over US government debt outlook
• Eurozone wage rate increase eases inflation worries

  The positive impact of the US PMI data on the USD was short-lived as concerns over the US government’s debt outlook take center stage. On the other hand, the Eurozone’s Negotiated Wage Rates report indicates a slower increase, alleviating concerns of strong wage inflation in the region.

  Technical Analysis of EUR/USD
  

• RSI indicator trending upwards
• Potential resistance and support levels for EUR/USD

  The Relative Strength Index (RSI) on the 4-hour chart is on the rise, indicating a positive outlook for EUR/USD. Resistance levels at 1.1380, 1.1430, and 1.1500 are in focus, while key support lies at 1.1280-1.1270, 1.1200, and 1.1180.

  Euro FAQs
  

• Overview of the Euro and its significance
• Role of the European Central Bank (ECB)
• Impact of inflation and economic data on the Euro

  The Euro is a key currency in the global market, with the ECB playing a crucial role in its stability. Factors such as inflation, economic data releases, and trade balance impact the Euro’s performance.

  In conclusion, the current market dynamics showcase a shifting landscape for the EUR/USD pair, influenced by economic indicators, government policies, and investor sentiment. Understanding these factors is essential for making informed financial decisions and managing risks effectively in the ever-changing financial markets.