EUR/USD Stagnates as Markets Brace for Easter Break: Forecast

٣٠ مارس

In the quiet trading session preceding the Easter weekend, the EUR/USD pair remained largely unchanged, hovering around the 1.0790 mark. This stability came despite the release of the Core Personal Consumption Expenditure (PCE) price index for February by the US Bureau of Economic Analysis (BEA), which met market expectations.

Despite the lack of significant movement, the EUR/USD pair continues to adhere to a bearish trend on the H4 chart, with the price residing below the fast 21 EMA. Last week's strong pullback intensified the downward pressure on the EUR, contributing to the current scenario.

The BEA's data on Core PCE revealed a month-on-month increase of 0.3%, in line with market forecasts but lower than January's figures. Additionally, the year-on-year Core PCE stood at 2.8%, also meeting expectations. These figures, although within expectations, have contributed to the subdued market sentiment.

With thin liquidity conditions prevailing, the EUR/USD pair briefly dipped below the 1.0790 level. However, buyers are eyeing a decisive break above the 1.0800 threshold, albeit facing resistance in the short term. Conversely, the next support area around 1.07570 is being closely monitored, with traders considering it a potential target for a bearish continuation.

In light of these developments, our analysis leans towards a bearish outlook for the EUR/USD pair, as we anticipate continued downward pressure in the near term.

Our Previous Idea:

١ أبريل

أغلقت الصفقة: تم الوصول للهدف

✅ DONE