EURUSD : Benefited from the weak dollar

Hello everyone! Yesterday, EURUSD witnessed a significant upward momentum, recovering strongly from support in line with the downward trendline. The weakening of the USD, spurred by below-expectation US March ISM Services PMI data and comments from Fed Chair Powell, has infused EURUSD with fresh energy, propelling it upwards in the face of the USD's retreat.

In the current scenario, the short-term outlook for EURUSD remains bullish, targeting the next objective of breaking above the upper trendline. A breakthrough of this trendline could further elevate the price, or conversely, a reversal if it fails.

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