Product: EUR/USD
Prediction: Increase
🟢Fundamental Analysis:
EUR/USD is recovering around 1.0880, supported by a weaker U.S. Dollar after disappointing Nonfarm Payrolls. The pair has gained for four days and is near the 200-day SMA. The Dollar Index has fallen below 104.00 due to declining U.S. yields and expectations of a Fed rate cut, while the ECB remains cautious.
🔵 Technical Analysis:
EUR/USD may reach 1.0887, with resistance at the 100-day SMA (1.0935) and 55-day SMA (1.1019). Support is at 1.0760, 1.0700, and 1.0666. Staying above the 200-day SMA could improve the outlook, with the RSI around 60.
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Edited 04 Nov 2024, 17:24
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