EUR/USD Analysis: Future of the Recent Upward Trend – 23 September 2024
-- Recent trades of the EUR/USD pair have been predominantly bullish, with bulls successfully driving the pair towards the resistance level of 1.1190, closing the previous week near these gains.
-- Recently, the upward rebound of the pair came in response to investors' reactions to recent decisions by global central banks.
-- Decisively, this week will feature statements from several US Federal Reserve officials that will further clarify the bank's recent decisions and its future plans for upcoming meetings.
According to stock trading platforms, the US Dow Jones Industrial Average closed at a new record high. US stocks closed a volatile session mixed on Friday, with uncertainty prevailing following the previous session's surge, which was fuelled by the US Federal Reserve's interest rate cut. The S&P 500 and Nasdaq indices declined by 0.2% and 0.3%, respectively. Meanwhile, the
Among stocks, FedEx shares declined by 15.2% after posting weak earnings and lowering revenue forecasts. Meanwhile, Nike shares rose by 6.9% after announcing
Similarly, European stocks closed the week sharply lower. on Friday, European stocks closed sharply lower and erasing the sharp gains made in the previous session, as markets continued to assess the outlook for financial conditions this year following a series of global central bank decisions last week. The
What will affect the Euro/Dollar this week?
According to the economic calendar, in
At the same time, traders will focus on the appearances of several officials, including Fed Chairman Powell and Treasury Secretary Yellen at the 2024
In
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EUR/USD Technical analysis and forecast:
According to the performance on the daily chart attached, the price of the Euro against the US Dollar EUR/USD is on an upward channel path and crossing the resistance barrier of 1.1200 will enhance the bulls’ control. Thus, it prepares the pair to move towards stronger upward levels. Technically, the next of which will be 1.1265, 1.1330 and 1.1400 respectively, all of which will strengthen the technical indicators.
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Original Source DailyForex.com provides daily fundamental and technical analysis and signals for those looking to trade based on trends in the currency markets.
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