EUR/USD Price Showing Exhaustion Signs Under 1.0800
انتشار: بهمن 30، 1402
بروزرسانی: 29 خرداد 1404

EUR/USD Price Showing Exhaustion Signs Under 1.0800

Today, the Canadian IPPI came in line with expectations while the RMPI rose by 1.2%, more compared to the 0.7% growth estimated.

–Are you interested to learn more about automated forex trading? Check our detailed guide-

The EUR/USD price rebounded in the short term as the US dollar entered a corrective phase. The pair is trading at 1.0771 at the time of writing.

The bias remains bearish despite the current leg higher. The pair moved down after a rally amid profit-taking. On Friday, the PPI rose by 0.3%, beating the 0.1% growth expected, Core PPI reported a 0.5% growth, exceeding the 0.1% growth forecasted, and the Prelim UoM Consumer Sentiment came in at 79.6 points compared to 80.0 points estimated.

Technically, the EUR/USD price developed a new leg higher after failing to retest the median line (ml), and now it was almost reaching the downtrend line.

The weekly pivot point of 1.0758 stands as a static support. Taking out the downtrend line validates a larger swing higher. The 1.08 psychological level represents a key upside obstacle as well.

  • Taking out the downtrend line activates larger growth.
  • The Canadian inflation data should have an impact tomorrow.
  • The bias remains bearish as long as it stays below the downtrend line.

–Are you interested to learn more about\xa0forex signals? Check our detailed guide-

Furthermore, the FOMC Meeting Minutes could change the sentiment on Wednesday, while the manufacturing and services figures should move the price on Thursday.

EUR/USD Price Technical Analysis: Downtrend Intact

EUR/USD price
EUR/USD 1-hour chart

As long as the pair stays below it, the bias remains bearish. Testing it or registering false breakouts may announce a new downside movement. Also, failing to reach this dynamic resistance indicates exhausted buyers.

Looking to trade forex now? Invest at eToro!

Tomorrow, the Canadian inflation data should have a big impact on the USD. The CPI is expected to report 0.4% growth. On the other hand, the Eurozone Current Account could drop from 24.6B to 20.3 B.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.



منبع: https://www.forexcrunch.com/blog/2024/02/19/eur-usd-price-showing-exhaustion-signs-under-1-0800/
نویسنده: تیم تحریریه رضا خانتاراج