EURUSD is breaking the structure of the ascending channel and the market is trying to change the trend on the background of the strengthening dollar index. The market is waiting for news from FOMC & FED today
🌐Globally, we have a neutral range in the format of a symmetrical triangle, with strong resistance at 1.095 - 1.10 inside, which restrains the price from further growth on the back of a strong dollar. It is obvious that at the moment, technically, the pair is preparing for a decline to 1.0795 - 1.070. Consolidation below 1.08597 will serve as a signal for further decline.
The slightest hint of a more hawkish view on the situation amid high inflation could strengthen the dollar. In such a case the Euro will continue to fall
🔴Resistance levels: 1.08697. 1.08975
🟢Support levels: 1.07958,1.0703
The news will determine the medium-term outlook for us. Most likely, the data may be negative for the currency pair, because against the background of high inflation regulators will continue to support the dollar.
🌐Globally, we have a neutral range in the format of a symmetrical triangle, with strong resistance at 1.095 - 1.10 inside, which restrains the price from further growth on the back of a strong dollar. It is obvious that at the moment, technically, the pair is preparing for a decline to 1.0795 - 1.070. Consolidation below 1.08597 will serve as a signal for further decline.
The slightest hint of a more hawkish view on the situation amid high inflation could strengthen the dollar. In such a case the Euro will continue to fall
🔴Resistance levels: 1.08697. 1.08975
🟢Support levels: 1.07958,1.0703
The news will determine the medium-term outlook for us. Most likely, the data may be negative for the currency pair, because against the background of high inflation regulators will continue to support the dollar.