(MENAFN- Daily Forex) EUR/USD Analysis Summary Today

• Overall Trend:: Returning to Neutral.
• Support Levels for EUR/USD Today: 1.1600 – 1.1560 – 1.1480.
• Resistance Levels for EUR/USD Today: 1.1670 – 1.1740 – 1.1800.

EUR/USD Trading Signals:

• Buy EUR/USD from the support level of 1.1570 with a target of 1.1800 and a stop-loss at 1.1500.
• Sell EUR/USD from the resistance level of 1.1730 with a target of 1.1480 and a stop-loss at 1.1800.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Technical Analysis of EUR/USD Today:

I still caution against the future rise of the EUR/USD, as the upward rebound gains last week are not yet sufficient to change the overall direction of the Euro/Dollar pair to bullish. Based on the performance on the daily chart, the Euro/Dollar price needs to break the psychological resistance level of 1.1800 for the bulls to gain strong momentum and confirm a change in the overall trend. On the platforms of reputable forex brokers, the gains of the most popular currency pair in the forex market did not exceed the 1.1656 resistance level, the pair's highest point in two weeks, before closing trading around 1.1620. This occurred amidst the currency markets' reaction to the official announcement of the end of the longest US government shutdown in the country's history.

The upward rebound gains for the EUR/USD pair pushed the 14-day Relative Strength Index (RSI) to a reading of 53, relatively far from the neutral line. At the same time, the MACD indicator lines are leaning upward, awaiting stronger impetus. The scenario of a Euro/Dollar decline will gain strength again if the bears return the currency pair to the vicinity of the support levels 1.1550 and 1.1480, respectively. Today, the Euro/Dollar is not anticipating major and influential economic data, only a round of statements from some members of the US Federal Reserve Tips:

Carefully and cautiously monitor the influencing factors on the currency market, represented by US economic releases and signals from the US Federal Reserve, to determine the most suitable trading entries for the currency pair.

EURUSD Chart by TradingViewWhy has the US dollar risen recently?

According to Forex currency market trading, the US Dollar price saw a rise in recent weeks as a result of the decline in expectations for a US interest rate cut by the Federal Reserve in December. While the probability of a cut was almost certain just one month ago, the market now sees the chance of a cut as 50/50. Expectations have since stabilized around this level, and Dollar trading has relinquished some of its recent gains.

Overall, the US Dollar's rise was temporarily suspended once investors began to see signs of progress toward ending the US government shutdown, which finally ended in the middle of the week. This revives hopes that official US economic data will start to appear soon, providing a stronger basis for Federal Reserve interest rate expectations.

Consequently, investors are likely to wait for the data before pushing the US dollar higher.

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