The EURUSD currency pair has been on a rollercoaster ride in recent weeks, with fluctuations in both directions. Today, the pair rose initially, but then faltered after a failed break of the key psychological level of 1.1000.
Forexlive reports that the EURUSD rose to a high of 1.0995 earlier today, but then retreated back to the 1.0960 level. This is a significant move, as the 1.1000 level has been a key resistance level for the pair in recent weeks.
So, what caused the initial rise in the EURUSD? There are a few factors at play here. Firstly, there was some positive news out of Europe, with German industrial production rising by 1.2% in August, beating expectations. This helped to boost confidence in the Eurozone economy and support the euro.
Secondly, there was some weakness in the US dollar, which also helped to push the EURUSD higher. This was due to concerns about the ongoing trade war between the US and China, as well as uncertainty around Brexit and the upcoming US presidential election.
However, despite these factors, the EURUSD was unable to break through the key 1.1000 level. This is likely due to a combination of technical factors and profit-taking by traders who had bought the euro earlier in the day.
Looking ahead, there are a number of factors that could impact the EURUSD in the coming days and weeks. These include ongoing trade tensions between the US and China, Brexit negotiations, and economic data releases from both Europe and the US.
Overall, while the EURUSD has seen some volatility in recent weeks, it remains within a relatively narrow range. Traders will be watching closely to see if the pair can break through the key 1.1000 level in the coming days, or if it will continue to trade within its current range.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- EVM Finance. Unified Interface for Decentralized Finance. Access Here.
- Quantum Media Group. IR/PR Amplified. Access Here.
- PlatoAiStream. Web3 Data Intelligence. Knowledge Amplified. Access Here.
- Source: Plato Data Intelligence.
GBP/USD Weekly Forecast: Pound Rises After Disappointing NFP Report, Focus Shifts to BoE Meeting
The GBP/USD pair saw a rise in the past week following a disappointing Non-Farm Payrolls (NFP) report from the US....