(MENAFN- Daily Forex) EUR/USD Analysis Summary Today

EUR/USD Trading Signals:

EUR/USD Technical Analysis Today:

During yesterday's trading session, bulls attempted a rebound in the EUR/USD currency pair, reaching the 1.1265 resistance level before quickly returning to stabilize around the 1.1170 level at the start of today's Thursday session. The US dollar remains stronger against other major currencies amidst a recent easing of US-China and European trade tensions. The recent gains of the US dollar pushed the EUR/USD pair towards the 1.1065 support level. Amid the performance of the most traded currency pair in the Forex market, trading experts believe that the Euro/Dollar will face difficulty in making further progress; they anticipate some stability around the 1.120 level in EUR/USD in the coming days. During the current quarter, they expect a range for EUR/USD between the 1.10 support level and the 1.15 resistance level.

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Be cautious. The direction of the EUR/USD will remain subject to some volatility if US policies continue to threaten the future of global economic recovery Levels for EUR/USD in the Coming Days:

According to trading across licensed currency trading company platforms and based on the daily timeframe chart performance, the EUR/USD pair is in a phase of breaking the overall upward trend, and breaking the 1.10 support will remain important for the strength of bear control over the direction. After the recent losses, the 14-day Relative Strength Index (RSI) stabilized below the midline, preparing for a bearish shift. At the same time, the MACD indicator confirms the start of a downward move but has not yet reached the oversold stage.

Current EUR/USD trading will be on an important date with a package of European economic releases, led by the announcement of the Eurozone GDP growth reading, along with the industrial production rate and the change in employment for the bloc's countries, all at 12:00 PM Egypt time. Then, during the more important US session, the US Producer Price Index (PPI) reading, US retail sales figures, and the number of weekly jobless claims will be announced, all at 3:30 PM Egypt time, followed minutes later by new statements from US Federal Reserve Governor Jerome Powell.

EURUSD Chart by TradingView

Be careful; the reaction to these data results will affect the performance of the EUR/USD price and may shape the future weekly close of the currency pair. Technically, a bullish EUR/USD scenario requires stability above the 1.1370 resistance level once again. Overall, while declining trade tensions provide support for the US dollar in the near term, the risk of a rapid deterioration in incoming data remains. We emphasize that concerns about the outlook for stable US data are valid, and that asset allocation shifts away from US assets remain a headwind for the US dollar in the medium and long term. Commenting on currency exchange rates, German Bundesbank President Nagel noted: "The dollar is very important for the global financial system, and we still need a strong dollar

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