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The week continues to present challenges for the euro's short-term strength. This is reflected in the recent performance of EUR/USD, which has declined by nearly 0.6% over the last three trading sessions
Today's session has been particularly relevant for the euro's performance in the short term. After the EUR/USD registered a decline of nearly 0.3% during the session, the European currency has managed to recover a large part of its losses.
EUR/USD is building on a rebound from trend support, with major event risk poised to test the strength of the recovery.
The ECB’s decision on Thursday comes between two important US inflation releases, leaving EUR/USD forecast exposed to developments on both sides of the Atlantic, as well as the situation in the Strait of Hormuz.
The higher oil goes, the worse it may get for the euro, which, to be fair, has performed well during the more recent rises in oil prices compared to earlier this year. Still, the risks to the near EUR/USD forecast remains tilted lower as the pair tests the 200-day average ahead of a pivotal week.
EUR/USD remains trapped in a tight range, but Thursday’s ECB decision and US inflation data could provide the catalyst needed to break it.
It was not an easy week for the euro. Now, EUR/USD has accumulated a decline of more than 0.4% over the last 2 trading sessions, reflecting significant short-term weakness in the European currency.
Could EUR/CHF's breakout be the blueprint for USD/CHF? Similar technical structures suggest traders should be paying close attention.
Euro is trading above pivotal support for a fifth-consecutive week with the July range intact heading into the ECB tomorrow. Battle lines drawn.
The euro continues to face difficult trading sessions in the short term. The European currency has been unable to stabilize a consistent recovery, and for now, a phase of indecision appears to be dominating its recent strength. This is reflected in the average movements of EUR/USD over the last 3 sessions, which have barely recorded an approximate price variation of 0.07%, showing a renewed neutral bias.
These remain difficult sessions for the euro in the short term. Despite the recovery attempt at the start of the week, EUR/USD is still down by a little more than 0.1% during the session and is once again trading below the 1.1400 area. This shows that the bearish bias has not fully disappeared in the short term.
EUR/USD enters H2 testing a major support zone as a more hawkish Fed outlook continues to fuel the U.S. Dollar. Can support hold or is a larger breakdown underway?
The euro is a big winner from Middle East peace not because Europe gets most of its energy from the region directly, but because Europe is one of the world’s most energy-import-dependent major economies. See what that means for EUR/USD!
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