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EURUSD
EURUSD
EURUSD Technical Analysis: ECB to hold rates steady, traders focus on US NFP and CPI
Table of Contents
Key Takeaways (30s Read)
EURUSD breaks above key swing level as traders focus on US NFP and CPI, with ECB expected to hold rates steady.
ECB's Rate Policy and EURUSD Technical Analysis
Since last week's FOMC decision, the USD has weakened considerably, particularly following dovish comments from Chair Powell. Key attention this week will be on the US NFP and CPI reports, which could significantly affect the USD. The ECB is widely expected to hold rates steady, leading to increased market speculation about potential rate cuts.Technical Movement of EURUSD
On the daily chart, EURUSD has broken above the significant swing level of 1.1728, setting the stage for a potential rise towards 1.1778. The maintenance of this level is crucial for further bullish momentum. On the 4-hour chart, we observe EURUSD consolidating above the 1.1728 level, indicating strong buying interest at that point.Range Trading Perspective
The 1-hour chart shows a narrow trading range between the support at 1.1728 and resistance at 1.1750. Market participants are likely to continue operating within this range until a clear breakout occurs.Upcoming Catalysts
Tomorrow's Eurozone Flash PMIs and the US NFP are set for release, with the ECB's rate decision and US CPI data on Thursday. The impact of these data points on market trends remains a focal point for traders.AI Analyst
AI Opinion
"In the current market context, EURUSD has pushed above a key swing point, influenced by the ECB's interest rate policy. This move may be significantly affected by the upcoming US NFP and CPI releases, which could lead to a reassessment of the dollar's strength. Strong data may boost the dollar, while weak data could further support bearish sentiment. This uncertain environment presents risks for traders, but maintaining the current price level in EURUSD will be crucial. Careful risk management is essential in this context."
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