EUR/USD Hits Mid-November Low Amid Dollar Strength: Analysis

EUR/USD Decline Continues:

📉 The EUR/USD sustained its sixth consecutive day of decline.
🔽 Plunged below 1.0770, marking its lowest point since mid-November.
Weakened Euro vs. Robust US Dollar:

🌐 This downward trend stems from a weakened Euro against a robust US Dollar.
🔄 Intensifying pressure on the currency pair.
Anticipation of US Job Data:

👀 Anticipation hovers around US job data.
🏦 ECB's projected rate cuts for 2024, ahead of the Federal Reserve (Fed), impacting EUR/USD dynamics.
Impact of Subpar US Data and German Bond Yields:

🇺🇸 Subpar US data failed to prompt significant movement.
🇩🇪 German 10-year bond yield's drop, surpassing its US counterpart, indicates complex market sentiment.
Eurozone Retail Sales and Germany's Factory Orders:

🌍 Eurozone Retail Sales and Germany's Factory Orders showcase mixed results.
📉 Contributing to the growing expectation of ECB easing.
US ADP Report and Resilient Dollar:

🇺🇸 The ADP report hinted at a tightening labor market but failed to deter the resilient Dollar.
Upcoming Critical Events:

👉 Upcoming critical events include Jobless Claims, Nonfarm Payrolls, Consumer Price Index (CPI), and the impending FOMC decision.
👁️ Market focus remains intensely fixated on the EUR/USD trajectory amidst economic indicators and central bank signals.
Wednesday's Market Movement:

📉 On Wednesday, the EUR/USD experienced a downward movement.
🔽 Created a push to the lower band of the Bollinger Bands.
Current Price Analysis:

⬆️ Currently, the price is moving slightly above the lower band.
⬆️ Suggesting a potential upward movement, potentially reaching the middle band before going back lower.
Relative Strength Index (RSI):

⚖️ Notably, the Relative Strength Index (RSI) maintains its position at 27.
🐻 Signaling a bearish outlook for this currency pair.
Key Technical Levels:
🚀 Resistance levels: 1.0825, 1.0920.
📉 Support levels: 1.0760, 1.0664.