Hello traders! As this week's trading session draws to a close, EURUSD faces a downtrend, currently sitting at 1.0775. The pair's further decline seems inevitable after breezing past the formidable 1.0800 support level.
The downtrend takes the front seat as the US Dollar revels in the hawkish remarks from the Federal Reserve, with Governor Chris Waller indicating the central bank's patience in rate cuts. Additionally, the Euro is under pressure from gloomy local data, as Germany reports a 2.7% year-over-year drop in Retail Sales for February, a far cry from the anticipated 0.8% decline.
Sellers are now setting their sights on the next support level around 1.0700. Wishing you smooth sailing in your trading endeavors!
The downtrend takes the front seat as the US Dollar revels in the hawkish remarks from the Federal Reserve, with Governor Chris Waller indicating the central bank's patience in rate cuts. Additionally, the Euro is under pressure from gloomy local data, as Germany reports a 2.7% year-over-year drop in Retail Sales for February, a far cry from the anticipated 0.8% decline.
Sellers are now setting their sights on the next support level around 1.0700. Wishing you smooth sailing in your trading endeavors!
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