EUR is strongly recovered
Updated
Dear valued readers! The EUR currency market has experienced a decline on Tuesday, giving up all the gains from Monday, following stronger-than-expected US PMI data and continued challenging growth prospects in Europe. At the time of writing, EURUSD is trading at 1.058.
Another note, the prospect of reduced inflation and impending recession ensures that the European Central Bank (ECB) will maintain its current stance on Thursday. The German IFO survey, scheduled for Wednesday, will shed light on the challenges ahead.
From a technical standpoint:
Prices have rebounded thanks to strong support at the 1.053 level, although the overall trend remains bearish for an extended period. However, there is still potential for price increases. The current target is to develop near the resistance level at 1.070.
Another note, the prospect of reduced inflation and impending recession ensures that the European Central Bank (ECB) will maintain its current stance on Thursday. The German IFO survey, scheduled for Wednesday, will shed light on the challenges ahead.
From a technical standpoint:
Prices have rebounded thanks to strong support at the 1.053 level, although the overall trend remains bearish for an extended period. However, there is still potential for price increases. The current target is to develop near the resistance level at 1.070.
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