Forex Analysis by Fawad Razaqzada covering: EUR/USD, US Dollar Index Futures. Read Fawad Razaqzada's latest article on Investing.com
was holding near the August high of 1.12 handle, still finding mild support from China’s announcement yesterday of large-scale stimulus measures. That announcement sent stocks surging and provided support for all procyclical currencies, especially commodity dollars.But despite these international factors, domestic concerns remain for the German economy, discouraging traders from being heavily positioned long on the euro, despite the dollar’s overall bearish trend.
Last week, the Fed cut rates by 50 basis points and indicated another 50-point cut is likely before year-end, while also lowering its growth and inflation forecasts. The Fed Chair described this cut as a step in unwinding the historic tightening cycle, aiming to reduce the risk of a downturn while the economy remains strong.
Resistance comes in around the 1.1200 handle, where it peaked in August. So far, we haven’t seen a bearish reversal stick in the charts but that could soon change should economic data from the Eurozone continue to disappoint.This article is written for informational purposes only; it does not constitute a solicitation, offer, advice, counsel or recommendation to invest as such it is not intended to incentivize the purchase of assets in any way.
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