EUR/USD Weakens: The U.S. Dollar Rises, ECB Cautious
Hello everyone, Alisa here! What’s the trend for the EUR/USD pair? Let’s discuss together!
EUR/USD continues to slide, reaching its lowest level in 11 weeks, trading around the support level of 1.0828. The selling pressure has increased due to expectations that the European Central Bank (ECB) will further ease monetary policy, potentially cutting interest rates once again in December. Meanwhile, the strengthening U.S. dollar is also putting pressure on the pair.
Looking at the technical chart, a bearish trend is currently unfolding for EUR/USD. Despite the 1.081 support level providing some momentum, with the current factors, any upward movement is unlikely to be sustained, and the pair is expected to face resistance at the key 1.085 level and then continue to decline. Traders should be cautious with long positions and consider opening short positions when there is confirmation of a break below the 1.081 support level. Profit targets could be set around the 1.075 - 1.070 zone.
That’s my take. What do you think?
EUR/USD continues to slide, reaching its lowest level in 11 weeks, trading around the support level of 1.0828. The selling pressure has increased due to expectations that the European Central Bank (ECB) will further ease monetary policy, potentially cutting interest rates once again in December. Meanwhile, the strengthening U.S. dollar is also putting pressure on the pair.
Looking at the technical chart, a bearish trend is currently unfolding for EUR/USD. Despite the 1.081 support level providing some momentum, with the current factors, any upward movement is unlikely to be sustained, and the pair is expected to face resistance at the key 1.085 level and then continue to decline. Traders should be cautious with long positions and consider opening short positions when there is confirmation of a break below the 1.081 support level. Profit targets could be set around the 1.075 - 1.070 zone.
That’s my take. What do you think?
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