- EUR / USD Analysis Price Prices shows a stronger dollar in the middle of increasing geopolitical tensions.
- Israel tried to kill Hamas leaders with air pressure in Qatar.
- The euro remained under pressure after the France Prime Minister resigned.
EUR / USD price analysis shows all major geopolitical tensions, which increased the dollar demand in a safe haven. At the same time, political insecurity in France maintains pressure on the euro. Meanwhile, market participants are prepared for data on wholesale and consumer inflation.
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The reports on Tuesday found that Israel tried to kill Hamas leaders with air pressure on Qatar. Meanwhile, Russian drones were knocked down in Poland after entering a strike on Ukraine. These reports focused on traffickers and send them to seek security in the dollar.
“The market decided and probably quite right, that the interest rate will be in the price in terms of the next year,” Jane Foley, the Faculty Strategy at Rabobank, said.
“On the other hand, playing in the same direction is geopolitical uncertainty. There is news of Polish, there is news of the Qatar. None of that is convincing,” she said.
By the way, the euro remained under pressure after Prime Minister France resigns, causing a certain political insecurity in the country. Meanwhile, traders provide for American PPIs and CPI reports for more traces on reducing the feed rate rate.
EUR / USD Key events Today
- US Cere PPI M / M
- US PPI M / M
EUR / USD Technical price Analysis: Bullish Breakout becomes fake as bears return
On the technical side, EUR / USD price fell back into your range after a fake beech break. At the same time, the price is on the verge of breaking below the 30th, a sign that bears will take soon. Meanwhile, RSI trades under 50, suggesting a stronger bear momentum.
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EUR / USD maintained lateral movement between support levels of 1,1600 and resilience levels at 1,1720, with bears and bulls trying to choose. In the last attempt, the bulls pushed the price above the range resistance. However, they failed to hold it up and fell down below. Still, the attempt was the best so far.
If the price is closed below 30ths, the bears will probably repeat the range support. The break below this level would signal the bear interruption, allowing EUR / USD to start moving lower. On the other hand, if the level holds the company, the price will remain in the consolidation phase.
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