Euro rises as dollar weakens
EUR/USD could rise to the resistance of the second descending channel ceiling at $1.0541, provided the important support range in the 1.0474-1.0485 range holds. Meanwhile, recent fundamental factors have contributed to the weakening of the US dollar, which could influence the continuation of the pair's trajectory.
The US dollar has weakened in recent weeks for the following reasons:
1- Expectations of slowing down the pace of interest rate increases:
The Federal Reserve has signaled a slowdown in interest rate hikes, which has made the dollar less attractive to investors.
2- Weakness of economic indicators:
Some recent economic reports, including slowing industrial production growth and declining consumer confidence, have fueled the dollar's weakness.
With the US dollar weakening due to fundamental factors and holding key support in the 1.0474-1.0485 range, EUR/USD is likely to face increased demand. If the resistance at 1.0541 is broken, the pair could take a further upward path. Traders should pay close attention to upcoming economic data and the Federal Reserve's decisions.
The US dollar has weakened in recent weeks for the following reasons:
1- Expectations of slowing down the pace of interest rate increases:
The Federal Reserve has signaled a slowdown in interest rate hikes, which has made the dollar less attractive to investors.
2- Weakness of economic indicators:
Some recent economic reports, including slowing industrial production growth and declining consumer confidence, have fueled the dollar's weakness.
With the US dollar weakening due to fundamental factors and holding key support in the 1.0474-1.0485 range, EUR/USD is likely to face increased demand. If the resistance at 1.0541 is broken, the pair could take a further upward path. Traders should pay close attention to upcoming economic data and the Federal Reserve's decisions.
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