The EUR/USD currency pair is having a tough time breaking above the 1.1400 level. Indeed, even during Tuesday’s European trading hours, it remains under extreme pressure. Recent data indicates that the two are paying for the duo’s shortfalls. The recent rebound of the US Dollar is sharply affecting its valuation. All market participants are watching this situation development very carefully, especially given its unfolding nature. They are particularly looking forward to the next US jobs data, which will likely have a big influence on the EUR/USD exchange rate.
In the first hours of trading, EUR/USD stayed calm below the psychological line of 1.1400. This stagnancy is a testament to the extreme bearish sentiment currently found in the space. The strong, resurgent US Dollar is fueling the bearish fire and is providing the primary downside push in this market. Now, analysts are making their guesses at what might change. An interesting chart pattern has formed, pictured in the above screenshot from fxstreet.com. As always, traders must keep a watchful eye for any washing movements!
The new continuous European trading hours have turned out to be very important for keeping an eye on the EUR/USD pair. What’s different this time, observers say, is the interaction between economic influences and currency performance, which has been especially acute during this unusual period. As the day progresses, excitement for US jobs data is building. As a result, many investors are hungry for any insights that might tip the balance on how market forces will shift.
As analysts have noted, the US jobs data has the most potential to move the EUR/USD exchange rate. If the data paints a picture of better-than-expected employment print then we might see a boost to the US Dollar. This would exert further downward pressure on the EUR/USD pair. Softer job figures would provide a measure of relief for the euro. This could allow it to catch up after loss against the US dollar.
The very negative reaction in EUR/USD trading points to profound difficulties ahead for the currency pair. It has a hard time getting above critical resistance levels. Traders and market analysts are watching the price with bated breath. Industry is reading with particular interest as economic news continues to break on both sides of the Atlantic, with the U.S. The news updates on fxstreet.com serve as a vital resource for those tracking these developments, providing timely insights into market conditions.