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EUR/USD Retreats Slightly After Hitting 15-Week High

The EUR/USD pair is consolidating gains near the 1.0980 level, retreating modestly after reaching a 15-week peak just above the 1.1000 mark. This slight pullback follows a rally fueled by a widespread increase in risk appetite that sent the US Dollar tumbling against its primary counterparts on Tuesday.

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The market displayed mixed sentiments initially but shifted decidedly during the US trading session. The Greenback’s sell-off was precipitated by comments from Fed Governor Christopher Waller, who expressed confidence in the current monetary policy’s ability to reduce inflation to the 2% target. His further remarks suggesting an openness to rate cuts should inflation continue its downward trajectory sparked a surge in risk sentiment, weakening the US Dollar.

The focus now turns to the Eurozone’s Consumer Confidence and Economic Sentiment Indicator readings, alongside the US’s latest GDP growth figures for the third quarter. While Eurozone Consumer Confidence is anticipated to remain unchanged at -16.9 in November, the Economic Sentiment Indicator is projected to rise marginally to 93.7. Meanwhile, expectations are set for US GDP growth to notch up from 4.9% to 5.0% quarter-over-quarter.

EUR/USD Technical Outlook

On the technical front, the EUR/USD has solidified its breach of the 1.0960 threshold, suggesting a sustained bullish trend within the established bullish channel. The upcoming target for the pair is at the 1.1080 level, underpinned by ongoing support from the EMA50, contingent upon maintaining above the 1.0960 pivot point. Today’s projected trading range is set between 1.0950 support and 1.1090 resistance, with the trend leaning bullish.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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