EUR/USD Rising Momentum Gloomy, Investors Prepare For Deteriorating Situation - Kakiforex.com - Financial Market Media No. 1 in the World EUR/USD Rising Momentum Gloomy, Investors Prepare For Deteriorating Situation EUR/USD Rising Momentum Gloomy, Investors Prepare For Deteriorating Situation

June 9, 2021

EUR/USD Rising Momentum Gloomy, Investors Prepare For Deteriorating Situation

 The US dollar recovered slightly from previous losses but was seen to be still moving weakly for trading performance earlier in the week.


Price movements in the market also remained gloomy while investors were cautious ahead of data on Thursday's focus such as US inflation data as well as the European central bank's (ECB) policy meeting.


While the US dollar is expected to weaken in the wake of the forecast slowdown in inflation, awaiting the outcome of the ECB meeting is seen as limiting movement for the Euro since early trading this week.




On the EUR/USD pair chart yesterday, the price was seen moving more flat and failed to continue the bullish pattern that started last Friday after the US NFP jobs report was published which saw the US dollar depreciate again.


The price moved around the level of 1.21800 in the focus zone of the price and failed to surpass the high level reached the previous day around 1.22000.



The price is also still hovering at the support level of the Moving Average 50 (MA50) on the 1 hour time frame of the price movement on the EUR/USD chart and has yet to give a clear signal for the direction of further movement.


For a successful price increase to continue, the resistance zone at 1.22500 will be the main target after 2 weeks of price testing the zone but still failing to break.


Passing the zone will push the price to the level of around 1.23000 while recording the latest high of 5 months.


However, if the price declines below the 1.21800-1.21500 zone, the decline is seen to go to the support zone around 1.20900 and will overcome last week's lows.