EUR/USD has fallen to the 1.0800s, close to a critical level for the short-term trend. Further weakness could tip the near-term outlook in favor of bears. Empire State Manufacturing, Michigan Sentiment, US Industrial Production and commentary from ECB’s Nagel round off the week. The catalyst seems to have been Thursday’s US macro data, which dented optimism in the Federal Reserve implementing early interest-rate cuts. Thursday’s data showed the US Producer Price Index unexpectedly rose 1.
Such a breakdown would then most probably see a continuation down to 1.0795, at the low of the B leg of the prior ABC Measured Move pattern that unfolded higher during February and early March. Alternatively, if the level holds, the short-term uptrend could resume. Confirmation of a higher high and an extension of the uptrend would come from a break above the 1.0981 highs. After that, tough resistance is expected at the 1.
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Source: FXStreetNews - 🏆 14. / 72 Read more »