This article explores euro’s fundamental and technical outlook, examining pivotal factors that may influence price movements in the upcoming week.
Fed Chair Jerome Powell said on March 9 that he and his colleagues are ‘not far’ from cutting interest rates. Meanwhile, the European Central Bank left all itsrelaxed, two factors clearly taken by the market as keeping rate reductions firmly in focus, even as overall non-farm payroll growth beat expectations.
Big tradeable numbers out of the US this coming week will include retail sales, consumer sentiment and inflation. That band now offers its own support at 1.08524, the intraday low of January 17 and 18. The range top comes in at 1.09981, the intraday peak of January 5 and 11. Any near-term push up to that level would probably leave the Euro looking quite seriously overbought, however, as EUR/USD’s Relative Strength Index has already edged up towards the 70.0 regions which suggests overbuying.
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