EUR/USD, H4 5 April 2024
The EUR/USD pair experienced a retracement from its recent bullish rally, encountering resistance at the 1.0866 level in the last session. The Euro may have been affected by CPI readings released on Wednesday, indicating that the ECB's targeted inflation rate is within reach and suggesting the adoption of a rate reduction policy in the near future. Additionally, the strengthening dollar ahead of today's Non-Farm Payrolls (NFP) report exerted pressure on the euro.
EUR/USD recorded a technical retracement but remained in its bullish trajectory. Suggesting that the pair's bullish momentum remained intact.
Resistance level: 1.0866, 1.0954📉
Support level: 1.0775, 1.0700📈
The EUR/USD pair experienced a retracement from its recent bullish rally, encountering resistance at the 1.0866 level in the last session. The Euro may have been affected by CPI readings released on Wednesday, indicating that the ECB's targeted inflation rate is within reach and suggesting the adoption of a rate reduction policy in the near future. Additionally, the strengthening dollar ahead of today's Non-Farm Payrolls (NFP) report exerted pressure on the euro.
EUR/USD recorded a technical retracement but remained in its bullish trajectory. Suggesting that the pair's bullish momentum remained intact.
Resistance level: 1.0866, 1.0954📉
Support level: 1.0775, 1.0700📈