EUR/USD Analysis: Currencies Trends and Technical Insights
Thursday, 3 October 2024, 01:51
EUR/USD's Current Landscape
The EUR/USD pair faces crucial junctures that may determine its direction in the coming weeks. Technical analysis suggests that if the euro manages to reclaim 1.1040, traders should watch for resistance near 1.1100, where it meets the 100-period and 200-period Simple Moving Averages (SMA) along with the Fibonacci 23.6% retracement level.
Potential Scenarios for EUR/USD
- If risk mood improves, the euro may test higher territories.
- Conversely, failure to hold above 1.1000 could invite further selling pressure.
- Monitoring global economic indicators will be pivotal in shaping the direction of this major currency pair.
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.