EUR/USD, H4 8 March 2024
EUR/USD pair extended its gains, reaching multi-week highs amidst heightened selling pressure on the US Dollar. The weakened greenback was fuelled by disappointing readings from the US labor market, creating a favourable environment for the Euro. Despite the European Central Bank's (ECB) overall dovish stance, the momentum of the EUR/USD pair remained unaffected, as demand for the Dollar continued to wane. The ECB's outlook included a 1.5% growth projection for the European economy in 2025 and 1.60% in 2026, driven by robust consumption and investment.
EUR/USD is trading higher while currently testing the resistance level. Suggesting the pair might enter overbought territory.
Resistance level: 1.0965, 1.1040📉
Support level: 1.0865, 1.0770📈
EUR/USD pair extended its gains, reaching multi-week highs amidst heightened selling pressure on the US Dollar. The weakened greenback was fuelled by disappointing readings from the US labor market, creating a favourable environment for the Euro. Despite the European Central Bank's (ECB) overall dovish stance, the momentum of the EUR/USD pair remained unaffected, as demand for the Dollar continued to wane. The ECB's outlook included a 1.5% growth projection for the European economy in 2025 and 1.60% in 2026, driven by robust consumption and investment.
EUR/USD is trading higher while currently testing the resistance level. Suggesting the pair might enter overbought territory.
Resistance level: 1.0965, 1.1040📉
Support level: 1.0865, 1.0770📈