But dollar bearish move, particularly against the EUR, is far from being a bottom, at least according to the daily chart: price stalled below 1.3440, the level that capped the upside over these last days, and around the 23.6% retracement of the bearish run from 1.3639 to mentioned low of 1.3366. In the same chart, indicators aim slightly higher from oversold levels, which support an upward corrective movement, so if price advances above 1.3440, there’s a good chance it may continue up to 1.3475/1.3500 price zone. This last is the critical area to watch, as only a daily close above this level will suggest an interim bottom was reached, looking then for a continued advance towards 1.3570/80 price zone.
On the other hand, failure to establish above 1.3500 will keep the risk to the downside, with a break below 1.3365 exposing 1.3295, November 2013 monthly low.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
AUD/USD post moderate gains on solid US data, weak Aussie PMI
The Australian Dollar registered solid gains of 0.65% against the US Dollar on Thursday, courtesy of an upbeat market mood amid solid economic data from the United States. However, the Federal Reserve’s latest monetary policy decision is still weighing on the Greenback. The AUD/USD trades at 0.6567.
EUR/USD recovers to top end of consolidation ahead of Friday’s US NFP
EUR/USD drove back to the top end of recent consolidation on Thursday, recovering chart territory north of the 1.0700 handle as market risk appetite regains balance heading into another US Nonfarm Payrolls Friday.
Gold recoils on hawkish Fed moves, unfazed by dropping yields and softer US Dollar
Gold price clings to the $2,300 figure in the mid-North American session on Thursday amid an upbeat market sentiment, falling US Treasury yields, and a softer US Dollar. Traders are still digesting Wednesday’s Federal Reserve decision to hold rates unchanged.
Ethereum may sustain trading inside key range, ETH ETFs to be delayed until 2025
Ethereum is beginning to show signs of recovery on Thursday despite a second consecutive day of poor performance in Hong Kong's spot Ethereum ETFs. Bloomberg analyst James Seyffart has also shared that a spot Ethereum ETF may not happen in the US in 2024.
FOMC in the rear-view mirror – NFP eyed
The update from May’s FOMC rate announcement proved more dovish than expected, which naturally weighed on the US dollar (sending the DXY to lows of 105.44) and US yields, as well as, initially at least, underpinning major US equity indices.