The EUR/USD pair maintained stability within familiar ranges as investors adopted a cautious stance before significant economic data releases and a series of central bank speeches in the coming days. While touching a peak of 1.0962, the pair saw a decline to 1.0934 during European trading hours. The US Dollar's continuous decline, driven by speculation that the Fed might cease monetary tightening by May 2024, has provided some support. Yet, concerns over forthcoming inflation updates in both the US and Eurozone have capped the EUR/USD rally. With crucial releases such as Germany's November HICP and the US October PCE Price Index on the horizon, coupled with multiple Fed speeches, market attention remains heightened.
On Tuesday, EUR/USD surged, aiming for the upper band of the Bollinger Bands. At present, the price lingers near this upper band, hinting at possible consolidation and a potential move toward the middle band. The Relative Strength Index (RSI) holds at 74, indicating a bullish stance for this currency pair.
Resistance: 1.1041, 1.1087
Support: 1.0968, 1.0930
On Tuesday, EUR/USD surged, aiming for the upper band of the Bollinger Bands. At present, the price lingers near this upper band, hinting at possible consolidation and a potential move toward the middle band. The Relative Strength Index (RSI) holds at 74, indicating a bullish stance for this currency pair.
Resistance: 1.1041, 1.1087
Support: 1.0968, 1.0930