EUR/USD, H4 11 March 2024
The EUR/USD pair continues its upward momentum, primarily driven by the depreciation of the US Dollar. Despite the worse-than-expected US Unemployment rate and Average Hourly Earnings, triggering a significant sell-off in the Greenback, the Euro remains resilient. While the Eurozone lacks significant market catalysts, the unexpected recovery in Germany's Year-on-Year Producer Price Index (PPI) for January at-4.4%, surpassing expectations of-6.60%, further bolsters the Euro's strength against the Dollar. The EU Gross Domestic Product (GDP) aligns with market expectations at 0.0% for Q4.
EUR/USD is trading higher while currently testing the resistance level. Suggesting the pair might enter overbought territory.
Resistance level: 1.0965, 1.1100📉
Support level: 1.0865, 1.0770📈
The EUR/USD pair continues its upward momentum, primarily driven by the depreciation of the US Dollar. Despite the worse-than-expected US Unemployment rate and Average Hourly Earnings, triggering a significant sell-off in the Greenback, the Euro remains resilient. While the Eurozone lacks significant market catalysts, the unexpected recovery in Germany's Year-on-Year Producer Price Index (PPI) for January at-4.4%, surpassing expectations of-6.60%, further bolsters the Euro's strength against the Dollar. The EU Gross Domestic Product (GDP) aligns with market expectations at 0.0% for Q4.
EUR/USD is trading higher while currently testing the resistance level. Suggesting the pair might enter overbought territory.
Resistance level: 1.0965, 1.1100📉
Support level: 1.0865, 1.0770📈