The EUR/USD pair has experienced a decline, settling at 1.0775 on Tuesday. This movement reflects a cautious market sentiment as investors recalibrate their expectations regarding the US Federal Reserve's interest rate decisions. The consensus is that the Fed will maintain the interest rate at its current peak of 5.5% per annum in March, with potential adjustments being eyed for May.
This week is packed with critical macroeconomic releases that are likely to influence market dynamics significantly. In the eurozone, the Q4 GDP report is highly anticipated, with forecasts suggesting subdued economic growth, indicating a cautious outlook for the region.
In the United States, key data releases for January, including retail sales, industrial production, and the Consumer Price Index (CPI), are expected. These indicators will be pivotal in shaping market volatility and investor sentiment in the coming days.
EUR/USD Technical Analysis
The H4 chart of EUR/USD indicates that the currency pair has completed a corrective wave towards 1.0805. The market is currently in the midst of a downward trend aiming for 1.0714, expected to be reached today. A subsequent correction towards 1.0805, followed by a further decline to 1.0680, is anticipated. Upon reaching this level, a consolidation phase may form, potentially leading to a corrective rise towards 1.0900. The MACD indicator supports this bearish outlook, with its signal line positioned below zero and trending downwards.
On the H1 chart, a downward trajectory to 1.0774 has been established. A consolidation phase around this level may occur today, with a potential upward correction towards 1.0789. After this correction, a continuation of the downward movement to 1.0744 is expected. The Stochastic oscillator, nearing 50 and predicted to fall to 20, corroborates this technical analysis.
By RoboForex Analytical Department
Disclaimer: Any forecasts contained herein are based on the author's particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
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EUR Falls Amid Anticipation of US Fed Rate Decision
Published 13/02/2024, 12:34
EUR Falls Amid Anticipation of US Fed Rate Decision
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