EUR/USD remains depressed below 1.0600
Updated
Hello traders!
The Euro (EUR) is trading cautiously against the US Dollar (USD), causing the EUR/USD to drop to the range of 1.0570-1.0580 after reaching a weekly high on Thursday above the resistance level of 1.0600.
With a focus on monetary policy, it is predicted that the Federal Reserve (Fed) will maintain its current stance of no change in interest rates at the November meeting. This viewpoint is reinforced by comments from Jerome Powell of the Fed on Thursday.
The upward trend of the EU can be seen as not strongly supported, as the price increases are occurring only in the short term and are quickly pushed back. If the two important support levels on the 4-hour timeframe, currently at 1.053 and 1.050, are broken, the next downward level will be at 1.045.
The Euro (EUR) is trading cautiously against the US Dollar (USD), causing the EUR/USD to drop to the range of 1.0570-1.0580 after reaching a weekly high on Thursday above the resistance level of 1.0600.
With a focus on monetary policy, it is predicted that the Federal Reserve (Fed) will maintain its current stance of no change in interest rates at the November meeting. This viewpoint is reinforced by comments from Jerome Powell of the Fed on Thursday.
The upward trend of the EU can be seen as not strongly supported, as the price increases are occurring only in the short term and are quickly pushed back. If the two important support levels on the 4-hour timeframe, currently at 1.053 and 1.050, are broken, the next downward level will be at 1.045.
Note
Next week plan still keeps like this!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.