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EUR/USD Price Analysis: Bulls are not out of the woods, despite reclaiming 1.0700

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EURUSD News

Majors,Technical Analysis

On Thursday, the Euro rose against the US Dollar after US economic data portrayed the economy as weaker than expected.

EUR/USD rises due to US GDP shortfall and elevated inflation data. Technical resistance near 50 and 200-day MAs at 1.0805/07; 100-DMA at 1.0848 next hurdle. Downside below 1.0694 could retest year's low at 1.0601, possibly extending to 1.0516. At the same time, the inflation figure prompted investors to price out the Federal Reserve's rate cuts in 2024. At the time of writing, the EUR/USD trades at 1.0729, up by 0.29%.

On the flip side, if EUR/USD sellers drag the spot price below the February 14 low of 1.0694, that would pave the way toward the year-to-date low of 1.0601, followed by the November 1, 2023, intermediate support at 1.0516. EUR/USD Price Action – Daily Chart EUR/USD Overview Today last price 1.0729 Today Daily Change 0.0030 Today Daily Change % 0.28 Today daily open 1.0699 Trends Daily SMA20 1.0735 Daily SMA50 1.0808 Daily SMA100 1.0849 Daily SMA200 1.081 Levels Previous Daily High 1.

 

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