EUR/USD Analysis: Can the Euro Target 1.12? – 24 September 2024
-- At the start of this week, the Euro fell to
-- Preliminary Purchasing Managers' Indices for the
Overall, investors are now betting on around 44 basis points in additional interest rate cuts by the
What is expected for the EUR/USD in the coming days?
The EUR/USD exchange rate could rise, and analysts believe that the resistance level of 1.12 is an attractive target in the near term. Generally, the recent gains made by the Euro against the US Dollar are due to developments in
We are noticing signs of over-extension in the exchange rates of many US dollars, and we wonder whether the US dollar is due for a comeback in the coming days as recent moves consolidate. This was the risk we see in the GBP/USD pair, and any decline there is likely to reflect weakness in the main EUR/USD pair.
Technically, there is only one level ahead that matters: the resistance level of 1.12. This is the level where the previous EUR/USD rallies that lasted for several weeks in
In general, in the
For this reason, we will continue to focus on the existing risks in
Initially, Monitor the different policymakers at the
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EUR/USD Technical analysis and forecast:
According to the performance on the daily chart attached, EUR/USD bulls are trying to break the psychological resistance barrier of 1.1200 to confirm control. Thus, the pair prepares to test stronger peaks, in which case technical indicators will move towards strong overbought levels. In the same time frame, as we mentioned before, the support levels of 1.1075 and 1.0885 will remain the most important to confirm the general trend turning to the downside. Today, the euro will be affected by the announcement of the German IFO reading and the dollar will be affected by the announcement of the US consumer confidence reading.
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