EUR/USD Weekly Price Forecast: Euro Struggles Against Overhead Resistance
EUR/USD Weekly Price Forecast
The Euro initially tried to rally during the trading week but turned around sharply, breaking below the 1.10 level as the US jobs number came out much hotter than anticipated. With this in mind, it seems we are looking at a market that will remain overall in its range. The strong jobs numbers in America may put pressure on the Federal Reserve, making significant cuts less likely in the near future.
Market Consolidation Ahead
Moving forward, the market will likely continue its consolidation phase as CPI numbers for Europe appear cool, while US jobs data remains robust. This scenario could see the EUR/USD grinding down towards the 1.08 level.
- The 1.08 level could become a point of reassessment for many market players.
- Despite potential declines, the overall decision-making for the market appears a bit stalled for now.
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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.