EUR/USD Remains Flat Ahead of Key Data Releases
2023.10.30 09:58
The pair is currently trading without significant momentum, hovering around the 1.0560 level.
This week promises a flurry of critical data that could potentially sway the currency market. The spotlight is mainly on the two-day US Federal Reserve meeting set to commence on Tuesday and conclude on Wednesday evening. While the interest rate is anticipated to maintain its stance at 5.5% p.a., the market is fervently waiting for the post-meeting commentary from the Federal Reserve. Clarity on the duration of the elevated interest rate regime is particularly sought after.
The end of the week will witness the unveiling of a set of US employment statistics, an essential pointer to the health of the economic sector.
Given the existing geopolitical tensions in the Middle East, the US dollar remains a preferred refuge for investors, bolstering its safe-haven appeal.
Technical Analysis: EUR/USD
The EUR/USD, on this timeframe, has achieved the correctional target pegged at 1.0596. Current trends depict a bearish wave pushing the pair towards 1.0540. Upon touching this level, a consolidation phase might take shape. A bearish breakout from this consolidation could pave the way for a deeper decline aiming for 1.0480. The MACD backs this bearish outlook as its signal line currently resides below the zero level, indicating further downside momentum.
The hourly chart portrays the latter segment of the bearish wave aiming for 1.0538. Once this level is met, a minor corrective move upwards to 1.0565 is plausible. Subsequently, the bearish trajectory might persist, targeting 1.0488. The Stochastic oscillator on this timeframe reinforces this bearish bias. Currently positioned above the 50 level, the oscillator’s signal line is projected to descend towards the 20 mark.
By RoboForex Analytical Department
Disclaimer
Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
