The FX PostThe FX Post
    What's Hot

    FlatQube Trade Volume, Trade Pairs & Trust Score

    November 7, 2022

    Step Guide to Winning Forex Trading

    September 19, 2022

    Relationship Between Currency Risk and Foreign Bonds

    September 2, 2022
    The FX Post The FX Post
    • Best Fx Robots
    • Forex
      • News
      • Forex 101
      • Forex Forecasts
      • Broker Reviews
    • Crypto
      • News
      • Crypto 101
      • Crypto Forecasts
      • Crypto Reviews
    • Indices
      • News
      • Analysis
      • Commodities
      • Reviews
    • Automated Trading
      • Forex Signals
      • Forex Robots
      • Copy Trading
    • Top
      • Best Forex Robots
    The FX PostThe FX Post
    Home ยป EUR/USD Forecast: Pair Trading Just Below 1.1600, Waiting for Today’s Key Speeches
    Forex Forex 101

    EUR/USD Forecast: Pair Trading Just Below 1.1600, Waiting for Today’s Key Speeches

    November 10, 20213 Mins Read
    Facebook Twitter Pinterest LinkedIn Reddit
    Flag of European Union & EURO
    Share
    Facebook Twitter LinkedIn Pinterest Reddit

    At the start of the European session on Tuesday, November 9, the EUR/USD is trading slightly below the 1.6000 level. 

    • The EUR/USD rose for the third day in a row, despite continued USD selling pressure.
    • The risk-off drive helped limit USD losses while also limiting the major’s upward potential.
    • For some trading momentum, investors are looking forward to comments by ECB President Lagarde and Fed Chairman Powell.

    EUR/USD fundamental forecast

    Despite being unable to capitalize on the rise past the 1.1600 barriers, the EUR/USD pair maintained its small intraday gains during the first half of the European session.

    Markets are invaded by algorithms
    Secure your passive income with algo-based trading systems
    Learn more

    On Tuesday, the pair rose for the third day in a row, extending its slight recovery from the lowest point since July 2020, which was reached in response to Friday’s optimistic US NFP news.

    Defensive greenback 

    Following the Fed’s dovish view, the US dollar remained defensive and was further weighed down by a fresh run down in US Treasury bond rates.

    Although several factors conspired to limit further advances, this was interpreted as a crucial component playing as a tailwind for the EUR/USD pair.

    Last week, the Federal Reserve stated that it was not in a hurry to boost borrowing prices. But, on the other hand, investors appear to believe that the US central bank will be obliged to use more aggressive policy measures to combat persistently rising inflation.

    The predictions were encouraged even further by a wave of FOMC members’ overnight hawkish statements, which suggested the central bank may hike rates by the end of 2022. The safe-haven USD’s losses were limited as a result of this, as well as a milder risk tone. 

    Euro yields 

    In early European trade on Tuesday, eurozone bond rates fell, returning to the lows touched last week as major central banks defied market expectations for tighter monetary policy. 

    Following dovish measures by the Federal Reserve and the Bank of England, investors lowered their aggressive bets on future interest rate rises, with the German 10-year yield falling to its lowest level since 2012. Other eurozone government bond rates also fell to multi-week lows.

    Key data releases from EUR

    Next on the docket is the ECB’s President Christine Lagarde’s speech for today. 

    Key data releases from the US

    From the US, we have Producer Price Index and Fed Chairman Jerome Powell’s speech today. This can provide the pair with medium to high fluctuations.  

    What’s next? 

    Traders are now waiting for US inflation data later in the week and more speeches from central bank governors for some clues on interest rates.

    EUR/USD technical analysis: key levels in action  

    The pair maintained its highs during the European session and is now trading just below the 1.6000 level. The pair did manage to cross 1.6000 during the Asian session with a high of 1.1606. 

    The price is above the 100-day moving average on the daily chart, and MACD is pointing a bullish momentum. 

    EUR/USD price chart
    EUR/USD price chart

    The next resistance for the pair lies around 1.1606. It’s today’s high. If it manages to cross this level, it goes towards 1.1622, the level it reached on October 29. 

    On the flip side, the support for the pair lies at 1.1561. If the price manages to break this level, it’ll open the gate for 1.1534, the level it reached on November 5. 

    Markets are invaded by algorithms
    Secure your passive income with algo-based trading systems
    Learn more
    pairs trading strategy Trading strategy
    Share. Facebook Twitter Pinterest LinkedIn Reddit

    Related Posts

    JPMorgan Chase & Co

    JPMorgan Strategists See Equity Stress Relieving in Second Fifty Percent

    June 21, 2022
    US Fed Hikes Benchmark Interest Rate

    US Fed Hikes Benchmark Interest Rate by 0.75% to 1.75%, Highest Level since March 2020

    June 16, 2022
    European Shares

    European Shares Edged Up Before Fed Rate Hike as ECB Explores Crisis Strategy

    June 15, 2022
    US Inflation Jumps

    US Inflation Jumps to Hit Fresh 40-Year Record-High of 8.6%

    June 10, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    4  +  1  =  

    Best FX Post
    Best Forex Robots (Expert Advisors) 2021

    Best Forex Robots (Expert Advisors) 2022: Passive Income From Algo Trading Systems

    July 7, 2021

    Top 10 Lending Platforms for Crypto Loans

    June 1, 2022
    forex eurusd trading charts

    Top 10 Best Forex Brokers In All Times

    June 1, 2022
    Recent Posts
    • FlatQube Trade Volume, Trade Pairs & Trust Score
    • Step Guide to Winning Forex Trading
    • Relationship Between Currency Risk and Foreign Bonds
    • Best Social & Copy Trading Platforms
    • Bitcoin Dips Listed Below $20,000 With Fundstrat Considering ‘Last Washout’
    Featured Reviews
    TechBerry

    TechBerry Review: Pros, Cons, Recommendations

    September 18, 2021
    CryptoHero

    CryptoHero Review: Pros, Cons, Recommendations

    June 3, 2022
    Bitsgap

    Bitsgap Review: Pros, Cons, Recommendations

    April 29, 2022
    Categories
    • Analysis
    • Automated Trading
    • Best FX Post
    • Broker Reviews
    • Commodities
    • Copy Trading
    • Crypto
    • Crypto 101
    • Crypto Bots
    • Crypto Forecasts
    • Crypto Reviews
    • Forex
    • Forex 101
    • Forex Forecasts
    • Forex Robots
    • Forex Signals
    • Guides
    • Indices
    • News
    • News
    • News
    • Reviews
    • Reviews
    • Uncategorized
    Twitter BlogLovin
    © 2023, Thefxpost.com.
    • Contact

    Type above and press Enter to search. Press Esc to cancel.