The EUR/USD gave back its entire gains from yesterday, even if European equity markets maintained much of those moves. Renewed optimism around a potential US-Iran agreement, which was met with far more scepticism than earlier this month, faded.
Euro: Growth worries cap upside against US Dollar – Rabobank
Euro: Pressured versus US Dollar with ECB repricing – Societe Generale
The Euro managed to push below 1.1600 as US Bond yields rose. As we see from the chart, the market has the chance for a trading zone between support 1.1530-80 and resistance 1.1660.
Euro: Downside focus against US Dollar tempered by rebound – UOB
EUR/USD Price Forecast: Consolidates above 1.1600 as Iran risks, hawkish Fed support USD
Euro rebounds as Iran-US talks weigh on the US Dollar
EUR/USD Price Forecast: 1.1600 support holds as bearish momentum lingers
Michael Boutros, Senior Market Analyst at FOREX.com, breaks down the growing technical pressure building in EUR/USD as traders reprice Federal Reserve rate expectations and inflation risks. With the pair sitting near major support levels and bond markets shifting toward potential Fed hikes later this year, Boutros explains why the U.S. dollar could strengthen further and what key levels traders should watch next across multiple timeframes.
The EUR/USD pair is facing the key 1.1580 support level as the US Dollar Index continues to hold bullish ground above the 99 mark ahead of tonight's FOMC minutes. Technically, US dollar dominance remains intact, as discussed in my latest webinar here:
Euro: Downside risks persists against US Dollar – ING
EUR/USD slipped to 1.1598 on Wednesday, keeping the pair at its lowest level in six weeks. The US dollar is supported by the escalating conflict between the US and Iran, which is increasing inflationary risks and raising expectations of potential Federal Reserve tightening.