EUR/USD Analysis: The Exchange Rate Falls Below 1.100
EUR/USD Analysis: The Exchange Rate Falls Below 1.100
As shown in today's EUR/USD chart, the euro has dropped below the 1.100 level against the US dollar. This decline is partly due to Friday's strong US jobs report, which revealed:
→ the largest job growth in six months,
→ a decrease in the unemployment rate,
→ solid wage growth.
These factors suggest a resilient US economy and increase the likelihood of a "soft landing" following the inflation surge.
Technical analysis of the EUR/USD chart:
→ Since July, price movements have formed an ascending channel (shown in blue), but it now faces the immediate threat of a bearish breakout after sellers prevented the price from rising above 1.12.
→ The psychological level of 1.10 could shift from support (indicated by an arrow) to resistance.
Note that Friday's decline was rapid, and it’s possible that the downward momentum could continue into this week.
On the other hand, bulls still have a chance to regain control at the lower boundary of the channel (which could trigger a rebound). If they fail to do so, traders should be prepared for the emergence of a potential downward channel on the EUR/USD chart (its possible outline is shown by red lines).
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
As shown in today's EUR/USD chart, the euro has dropped below the 1.100 level against the US dollar. This decline is partly due to Friday's strong US jobs report, which revealed:
→ the largest job growth in six months,
→ a decrease in the unemployment rate,
→ solid wage growth.
These factors suggest a resilient US economy and increase the likelihood of a "soft landing" following the inflation surge.
Technical analysis of the EUR/USD chart:
→ Since July, price movements have formed an ascending channel (shown in blue), but it now faces the immediate threat of a bearish breakout after sellers prevented the price from rising above 1.12.
→ The psychological level of 1.10 could shift from support (indicated by an arrow) to resistance.
Note that Friday's decline was rapid, and it’s possible that the downward momentum could continue into this week.
On the other hand, bulls still have a chance to regain control at the lower boundary of the channel (which could trigger a rebound). If they fail to do so, traders should be prepared for the emergence of a potential downward channel on the EUR/USD chart (its possible outline is shown by red lines).
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。