EURUSD: Price increasing but ambiguous
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It's great to see you again and talk about the EURUSD price today!
Yesterday, the EURUSD received some upward momentum. However, this price increase is considered only as a correction within the downtrend wave of DOW, as this pair has been experiencing weakness since the beginning of the new week.
Accordingly, the hawkish stance of the ECB has pushed back expectations of an early interest rate cut, providing additional support for the currency pair. However, the 4-hour chart is currently showing a further downward trend in the very near future as the EURUSD approaches the Fibonacci retracement levels of 0.618 - 0.5. Breaking below the level of 1.0844 will not receive significant support until reaching the level of 1.0773.
Yesterday, the EURUSD received some upward momentum. However, this price increase is considered only as a correction within the downtrend wave of DOW, as this pair has been experiencing weakness since the beginning of the new week.
Accordingly, the hawkish stance of the ECB has pushed back expectations of an early interest rate cut, providing additional support for the currency pair. However, the 4-hour chart is currently showing a further downward trend in the very near future as the EURUSD approaches the Fibonacci retracement levels of 0.618 - 0.5. Breaking below the level of 1.0844 will not receive significant support until reaching the level of 1.0773.
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