EUR/USD, H4 1 April 2024
The EUR/USD pair faced downward pressure as the strengthening US Dollar contrasted with expectations for a more dovish stance from the European Central Bank (ECB). ECB Governing Council member Yannis Stournaras hinted at the possibility of four interest rate cuts totaling 100 basis points in 2024, diverging from market expectations for three rate cuts from the Federal Reserve. The disparity in central bank policies underscored concerns about the euro's appeal against the greenback amidst diverging economic outlooks.
EUR/USD is trading lower while currently testing the support level. Suggesting the pair might experience technical correction.
Resistance level: 1.0865, 1.0960📉
Support level: 1.0770, 1.0710📈
The EUR/USD pair faced downward pressure as the strengthening US Dollar contrasted with expectations for a more dovish stance from the European Central Bank (ECB). ECB Governing Council member Yannis Stournaras hinted at the possibility of four interest rate cuts totaling 100 basis points in 2024, diverging from market expectations for three rate cuts from the Federal Reserve. The disparity in central bank policies underscored concerns about the euro's appeal against the greenback amidst diverging economic outlooks.
EUR/USD is trading lower while currently testing the support level. Suggesting the pair might experience technical correction.
Resistance level: 1.0865, 1.0960📉
Support level: 1.0770, 1.0710📈