EUR/USD Forecast Today 04/06: Euro Slips To Bottom Of Range

(MENAFN- Daily Forex)

The euro fell during trading on Wednesday as we continue to see a lot of noisy behavior, mainly centered around interest rates. The interest rate market in the United States saw higher rates as we went through the session and that of course favored the U.S. dollar in general.

Ultimately, I do think that we will probably find some type of support, but with the never-ending war in the Middle East, it's difficult for the interest rate markets to calm down. The fact that the 10-year yield in America is still at 4.5% creates a certain amount of a problem.

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The market participants continue to look at the 200-day EMA as a bit of a magnet as well, so that is something that we need to pay close attention to. The market will remain very noisy. I think it will also unfortunately be influenced mainly by headlines coming out of the Middle East, specifically the United States' part in that conflict and of course Iran.

This could bring some problems into the European Union as far as energy is concerned, and that might be part of what's playing the market right now, but really ultimately I think this is a situation where we're just hanging around the 200-day EMA indicator that a lot of people use for both support and resistance.

The EUR/USD pair is in the middle of a larger consolidation range that has a floor at the 1.14 level and a ceiling at the 1.1850 level. We're basically right in the middle of that, so I think we've got a scenario where we continue to go sideways between now and the all-important jobs number on Friday.

EURUSD Chart by TradingView

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