Analysis of EUR/USD Movement and Key Market Indicators
The EUR/USD currency pair has exhibited an upward trajectory for four consecutive days, reaching approximately 1.0680 during Tuesday’s Asian trading session. This positive momentum is attributed to a weakened US Dollar and an enhanced risk appetite due to geopolitical disturbances in the Middle East.
Investors are keenly awaiting the preliminary Eurozone PMI data for October. Furthermore, Germany is set to release the GfK Consumer Confidence Survey and its own PMI data. A significant event to monitor on Tuesday is the discourse by ECB President Christine Lagarde. The upcoming Thursday will host the ECB’s routine monetary policy discussion, with the consensus predicting no alterations in the interest rates.
A critical resistance point for the currency pair is identified at the 1.0700 mark. Surpassing this level might pave the way for the EUR/USD to probe the vicinity of the psychological threshold of 1.0750, subsequently approaching the 38.2% Fibonacci retracement positioned at 1.0764.
In contrast, potential support for the EUR/USD is anticipated at the 1.0600 level, aligning closely with the 14-day Exponential Moving Average established at 1.0596.
The Moving Average Convergence Divergence (MACD) indicator presently resides below its midpoint. This signifies the short-term average lagging behind the long-term average. Notably, there’s a divergence of the MACD line above its signal line, suggesting a possible swing towards a more positive trend.
The 14-day Relative Strength Index (RSI) emphasizes the bullish momentum of the EUR/USD pair, with the indicator firmly positioned above the pivotal 50-mark.
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