EUR/USD gains as Dollar weakens, traders eye US CPI and US-Iran negotiations
A fragile ceasefire continues to reinforce the risk premium across global markets, particularly through higher-for-longer crude oil price concerns. However, caution remains warranted, as a tangible and lasting ceasefire solution is still not in sight.
EUR/USD rose to 1.1667 on Thursday. The US dollar partially recouped its losses from the previous session, as market sentiment remains cautious amid a fragile truce between the US and Iran.
The Euro to Dollar (EUR/USD) exchange rate proved resilient early this week amid elevated uncertainty and jumped to highs just above 1.17 on Wednesday following the announcement of a 2-week cease-fire between the US and Iran. CIBC expects a net EUR/USD advance to 1.19 by the end of this year as the dollar loses traction amid lower US.
EUR/USD: Sticky ECB pricing supports Euro – ING
The Euro broke above the resistance level of the triangle formation which could lead to a further advance toward resistances 1.1800 and 1.1920-60. Intraday level support starts from 1.1600 while as long as the market holds above it, the advance could continue.
Intraday bias in EUR/USD stays mildly on the upside at this point. Fall from 1.2081 could have completed as a correction at 1.1408.
EUR/USD hesitates at 1.1660 with Iran's ceasefire on tenterhooks
EUR/USD Price Forecast: Bulls await break above 200-SMA/38.2% Fibo. confluence near 1.1670
EUR/USD softens to near 1.1650 as Middle East tensions lift US Dollar
Global markets have stepped back from the edge, at least for now, after the US and Iran agreed to a two-week ceasefire last night. The initial reaction was fairly textbook: risk assets rallied as oil prices took a big drop.
EUR/USD Price Forecast: Posts fresh monthly high around 1.1700