EUR/USD Forecast: Currencies Update as Euro Fades Against US Dollar

Tuesday, 1 October 2024, 01:00

EUR/USD reflects the currencies market's current state as the Euro loses bullish momentum after failing to break above a key level. The pair is now trading in a narrow channel below 1.1150, suggesting potential challenges ahead for the Euro amid upcoming US data that could further influence market dynamics.
Fxstreet
EUR/USD Forecast: Currencies Update as Euro Fades Against US Dollar

EUR/USD: Currencies under Pressure

The EUR/USD started the week favorably but soon encountered resistance, causing the Euro to lose its bullish drive. Following the inability to breach the 1.1200 mark, the pair has been consolidating within a tight range below 1.1150. This movement signals caution among traders, especially with significant US economic indicators on the horizon.

Technical Analysis Overview

Technical indicators suggest that the current support level around 1.1150 is essential for any near-term recovery in the Euro. If the Euro continues to struggle, we may see further declines towards 1.1100. Increased volatility is expected as market participants await critical US data which may further sway the currencies in the majors.

  • Key Resistance Level: 1.1200
  • Key Support Level: 1.1150
  • Potential Target: 1.1100

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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