The EUR/USD pair is trading near the 1.0800 level, consolidating ahead of a busy week for economic data releases.
Key Factors:
- ECB Rate Cut Expectations: The European Central Bank (ECB) is expected to cut interest rates further, which could weaken the Euro.
- US Economic Data: The release of key US economic indicators, including JOLTS Job Openings, PCE Price Index, GDP data, and Nonfarm Payrolls, will influence market expectations for the Federal Reserve’s monetary policy.
- Geopolitical Risks: Geopolitical tensions, such as the ongoing conflict in the Middle East, could also impact the currency pair.
Technical Analysis:
- Support Levels: The 1.0750 level is a key support level.
- Resistance Levels: The 1.0800 and 1.0900 levels are potential resistance levels.
- RSI: The Relative Strength Index (RSI) is in the oversold territory, indicating potential for a rebound.
Overall Outlook:
The EUR/USD pair is likely to remain volatile in the near term, influenced by economic data, central bank policies, and geopolitical factors. Traders should monitor key economic indicators and technical levels for potential trading opportunities.
