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- EUR/USD Price Analysis: Trades below 1.0700, stays within the consolidative range
EUR/USD Price Analysis: Trades below 1.0700, stays within the consolidative range
- EUR/USD may test the throwback support of 1.0670 around the lower level within the consolidative range.
- The 14-day RSI consolidates below the 50 level; indicating a consolidative range within levels of 1.0760-1.0670.
- The pair could find an immediate barrier at the 14-day EMA at 1.0728.
EUR/USD retraces its gains registered in the previous session, trading around 1.0690 during the Asian hours on Friday. The technical analysis of the daily chart indicates a bearish bias, with the pair consolidating within a descending channel.
The 14-day Relative Strength Index (RSI) is consolidating below the 50 level, suggesting the EUR/USD pair trades within a consolidative range between levels of 1.0760 and 1.0670. If the RSI improves to the 50 level, it would weaken the bearish momentum for the pair.
The EUR/USD pair may test the lower level of the range at 1.0670, which also acts as a throwback support. A break below this level would reinforce the bearish bias, potentially pushing the pair toward the lower boundary of the descending channel near 1.0620.
On the upside, the EUR/USD pair could encounter immediate resistance at the 14-day Exponential Moving Average (EMA) at 1.0728 followed by the upper level of the range at 1.0760. A breakthrough above the latter could lead the pair to test the upper boundary of the descending channel at 1.0780, followed by the psychological level of 1.0800.
EUR/USD: Daily Chart
Euro FAQs
The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%).
The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde.
Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money.
Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy.
Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
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