In Tuesday's trading session in Europe, the EUR/USD currency pair gained traction and surged to nearly 1.0700. Volatility erupted following the release of the PMI HCOB for the Eurozone, followed by S&P's global PMI for the US during the US trading session.
Looking at the chart, signs of a downward trend remain evident, although prices are undergoing a corrective phase, expected to rise to the 0.5-0.618 Fibonacci level.
Looking ahead, the economic situation in the Eurozone remains subdued, while the prospect of a robust recovery in the US economy is being highly regarded. This has boosted expectations for the strength of the Dollar in the future, especially considering the outlook that the European Central Bank may begin to cut interest rates sooner than the Federal Reserve. In this scenario, it is predicted that the EUR/USD will decline more significantly in the short term.
Looking at the chart, signs of a downward trend remain evident, although prices are undergoing a corrective phase, expected to rise to the 0.5-0.618 Fibonacci level.
Looking ahead, the economic situation in the Eurozone remains subdued, while the prospect of a robust recovery in the US economy is being highly regarded. This has boosted expectations for the strength of the Dollar in the future, especially considering the outlook that the European Central Bank may begin to cut interest rates sooner than the Federal Reserve. In this scenario, it is predicted that the EUR/USD will decline more significantly in the short term.
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