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Euro Faces Headwinds Near 1.0850, Markets Eye ECB Speeches for Clues


4 December 2023 Written by Anna Segal  Finance Industry Expert Anna Segal

The Euro (EUR) is starting the week on a softer note against the U.S. Dollar (USD), hovering around the mid-1.0800 region. This movement reflects the Euro's ongoing challenges as it faces selling pressure in the currency markets. Concurrently, the U.S. Dollar shows modest strength, with the USD Index (DXY) hovering around 103.40, slightly receding from an earlier peak near the critical 200-day Simple Moving Average (SMA) at approximately 103.60. This mild uptick in the Dollar contributes to the Euro's subdued performance.

Interest Rate Speculations and Economic Indicators

Investors are closely monitoring the broader economic landscape, particularly focusing on potential interest rate cuts by the Federal Reserve and the European Central Bank in the spring of 2024. These expectations are shaping market sentiment and influencing currency valuations.

Key Economic Events in Focus

EUR/USD Technical Analysis

The EUR/USD pair is experiencing a modest pullback but remains above the crucial 200-day SMA at 1.0818. Key technical levels to watch include:

As the Euro navigates near 1.0850 amid a cautious market mood, upcoming speeches from ECB officials and U.S. economic data are poised to influence its near-term direction. The pair's ability to sustain above the 200-day SMA will be pivotal in maintaining its bullish outlook, with investors closely watching the key support and resistance levels for further trading cues.

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