EURUSD - SHORT TERM

11 дек.

The euro declined in European markets on Wednesday against a basket of global currencies, extending its losses for the fourth consecutive day against the US dollar, hitting its lowest level in a week, under pressure from concerns about the widening interest rate gap between Europe and the United States.

Later today, the European Central Bank will hold its final monetary policy meeting of 2024, which is expected to result in a fourth interest rate cut in Europe this year.

Markets are also awaiting the release of key inflation data in the United States to finalize expectations for a potential interest rate cut by the Federal Reserve next week.

Generally, the direction is a downtrend

Downtrend Side: The bearish movement has controlled the direction, and we are waiting for a break below 1.04502. If this level is breached, the next support target would be 1.03615.

Uptrend Side: The price needs to rise and stabilize above 1.05277 as the first step toward a bullish trend. However, to confirm the bullish trend, it should remain above 1.6082, with a 4-hour candle closing above this level.

Tendency Keys: 1.04502