EUR/USD Drops Close to 1.0800
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The Euro is under pressure due to expectations from the ECB regarding a potential cut in deposit interest rates. Currently, the market is pricing in nearly a 50% chance of a 50 basis-point rate cut in the December meeting. Additionally, the EUR/USD pair’s weakness is compounded by a strengthening USD amidst the uncertainty surrounding the U.S. presidential election, as the race is nearly tied ahead of November 5th. All these factors paint a rather bleak outlook for the Euro in the near term.
EUR/USD declined after two days of gains, trading around 1.0818 during Asian hours on Wednesday. Looking at the technical chart, the 34 and 89 EMAs have reversed, further reinforcing the downtrend for this pair. With significant resistance at 1.0823, the EUR/USD pair is likely to pull back toward the support level at 1.0813 and may even continue its decline to the previous support at 1.0797.
The current situation indicates that the Euro may continue to face challenges, and investors should closely monitor upcoming developments to make informed decisions in this context.
The Euro is under pressure due to expectations from the ECB regarding a potential cut in deposit interest rates. Currently, the market is pricing in nearly a 50% chance of a 50 basis-point rate cut in the December meeting. Additionally, the EUR/USD pair’s weakness is compounded by a strengthening USD amidst the uncertainty surrounding the U.S. presidential election, as the race is nearly tied ahead of November 5th. All these factors paint a rather bleak outlook for the Euro in the near term.
EUR/USD declined after two days of gains, trading around 1.0818 during Asian hours on Wednesday. Looking at the technical chart, the 34 and 89 EMAs have reversed, further reinforcing the downtrend for this pair. With significant resistance at 1.0823, the EUR/USD pair is likely to pull back toward the support level at 1.0813 and may even continue its decline to the previous support at 1.0797.
The current situation indicates that the Euro may continue to face challenges, and investors should closely monitor upcoming developments to make informed decisions in this context.
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