ST-37 City, Mwali, Fomboni Moheli Comoros Union.
ST-37 City, Mwali, Fomboni Moheli Comoros Union.
Mar 26
2024
EUR/USD fluctuates at around 1.0850 in the early European session on Tuesday after closing in positive territory on Monday. Improving risk mood could make it difficult for the US Dollar (USD) to find demand and help the pair extend its recovery in the near term.
The table below shows the percentage change of Euro (EUR) against listed major currencies this week. Euro was the weakest against the Swiss Franc.
The modest selling pressure surrounding the USD allowed EUR/USD to gain traction at the beginning of the week.
Federal Reserve Bank of Chicago President Austan Goolsbee said on Monday that three rate cuts in 2024 is in line with his thinking. Commenting on the policy outlook, "there are risks to easing policy too much or too soon, as well as too late," Fed Governor Lisa Cook said. These mixed comments failed to trigger a noticeable market reaction.
In the early European session, US stock index futures are up between 0.2% and 0.4%. A bullish opening in Wall Street could open the door for EUR/USD to stretch higher.
The Relative Strength Index (RSI) indicator on the 4-hour chart recovered to 50, reflecting a loss of bearish momentum. On the upside, 1.0860 (Fibonacci 38.2% retracement of the latest uptrend) aligns as first resistance before 1.0890-1.0900, where the 100-period Simple Moving Average (SMA) and the Fibonacci 23.6% retracement level align.
Immediate support is located at 1.0840-1.0830 (200-period SMA, Fibonacci 50% retracement) ahead of 1.0800 (Fibonacci 61.8% retracement).