EUR/USD, H4 20 March 2024
The EUR/USD pair has recovered from its lowest point in March, ahead of the critical Federal Open Market Committee (FOMC) interest rate decision. A hawkish stance from the Fed could place additional downward pressure on the pair. Nonetheless, the pair has been supported by encouraging data from the ZEW Economic Sentiment Index, which recorded a value of 33.5, surpassing the previous figure of 25. This indicates an optimistic economic outlook within the eurozone economies.
EUR/USD remains trading in a descending trajectory despite a technical rebound. Suggests the pair remain trading with bearish momentum.
Resistance level: 1.0960, 1.1040📉
Support level: 1.0775, 1.0700📈
The EUR/USD pair has recovered from its lowest point in March, ahead of the critical Federal Open Market Committee (FOMC) interest rate decision. A hawkish stance from the Fed could place additional downward pressure on the pair. Nonetheless, the pair has been supported by encouraging data from the ZEW Economic Sentiment Index, which recorded a value of 33.5, surpassing the previous figure of 25. This indicates an optimistic economic outlook within the eurozone economies.
EUR/USD remains trading in a descending trajectory despite a technical rebound. Suggests the pair remain trading with bearish momentum.
Resistance level: 1.0960, 1.1040📉
Support level: 1.0775, 1.0700📈