The US dollar (USD) is under pressure as markets anticipate a possible rate cut from the Federal Reserve, which could weaken the currency.
Meanwhile, the eurozone remains stable, supporting the euro’s position.
On the chart, price is currently testing a key support level reinforced by an ascending trendline and a strategic Fibonacci level. As long as this support holds, the bullish scenario remains favored, with a potential target around 1.1698.
💡 Strategy: Monitor price action at this support, especially ahead of any Fed announcements that could confirm or deny the expected rate cut.
Meanwhile, the eurozone remains stable, supporting the euro’s position.
On the chart, price is currently testing a key support level reinforced by an ascending trendline and a strategic Fibonacci level. As long as this support holds, the bullish scenario remains favored, with a potential target around 1.1698.
💡 Strategy: Monitor price action at this support, especially ahead of any Fed announcements that could confirm or deny the expected rate cut.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.