EUR/USD Losses Mount, EUR/GBP Rejects Resistance

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EUR/USD Forecast – Prices, Charts, and Analysis

  • ECB could have reached peak charges
  • EUR/GBP – A battle of two weak currencies

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The Euro broke under 1.0500 towards the US greenback just lately and is struggling to reclaim this stage in European commerce in the present day. A robust US greenback, bolstered by rising US Treasury yields, is the primary driver of the transfer, whereas Euro weak point can also be a contributing issue because the pair succumb to ongoing promoting stress. Last week’s Euro Area inflation report confirmed value pressures easing at a faster-than-expected tempo and this has led the market to price-out additional rate of interest hikes. Euro Area headline inflation fell to 4.3% in September, lacking estimates of 4.5%, as value will increase throughout the only block slowed.

A mix of slowing inflation and tepid Euro Area progress – 0.1% in Q1 and Q2 – has shifted market expectations for additional ECB price will increase. Latest market forecasts present a 76% likelihood that charges will stay untouched on the October 26 assembly, and this hardly modifications for the next three conferences. Indeed if these market possibilities are appropriate, the ECB will begin chopping charges in Q2 subsequent yr. This dovish shift has left the Euro susceptible to additional losses.


Learn How to Trade EUR/USD

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How to Trade EUR/USD

DailyFX Calendar

The Euro is at present buying and selling at its lowest stage towards the US greenback since early December final yr. The pair have been guided decrease by the 20-day easy transferring common (pink line), whereas a bearish 50-day/200-day crossover on the finish of final week has added to the unfavorable outlook. The subsequent stage of assist is seen off the 50% Fibonacci retracement stage at 1.0404.

Moving Averages – A Guide

EUR/USD Daily Price Chart – October 3, 2023


Learn About Fibonacci

EUR/GBP has been rangebound since early May and this vary is more likely to stay untroubled within the coming days. Both currencies are weak and neutralizing one another, and whereas the current push increased within the pair could proceed, a confirmed breakout will want a robust driver. The pair stays capped by the 200-day easy transferring common whereas the 20- and 5-day smas are offering assist.

EUR/GBP Daily Price Chart – October 3, 2023


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What is your view on the EURO – bullish or bearish?? You can tell us through the shape on the finish of this piece or you possibly can contact the creator through Twitter @nickcawley1.

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