{"id":6673,"date":"2024-03-22T22:29:23","date_gmt":"2024-03-22T22:29:23","guid":{"rendered":"https:\/\/predictmag.com\/blog\/?p=6673"},"modified":"2024-03-22T22:30:57","modified_gmt":"2024-03-22T22:30:57","slug":"eur-usd-plunges-for-two-days-falls-towards-1-0800","status":"publish","type":"post","link":"https:\/\/predictmag.com\/blog\/2024\/03\/22\/eur-usd-plunges-for-two-days-falls-towards-1-0800\/","title":{"rendered":"EUR\/USD Plunges for Two Days, Falls Towards 1.0800"},"content":{"rendered":"

The Euro (EUR\/USD<\/a>) suffered a significant decline against the US Dollar (USD) this week, dropping 1.3% in a broad market sell-off. Even positive economic data from Germany wasn’t enough to prevent the Euro’s fall. Investors now turn their attention to key data releases next week, including US GDP and PCE inflation figures, which could further impact currency markets.<\/p>\n

The Euro\u00a0continued its slide Friday despite positive German economic data. Consumer and business confidence in Germany all rose above expectations. However, overall weak European data capped Euro gains. Meanwhile, investors in the US Dollar (USD) remained cautious after Federal Reserve Chair Powell avoided hinting at future interest rate cuts during a speech.<\/p>\n

Next week’s economic data is key for the Fed! Investors hoping for an earlier rate cut will be watching US growth (GDP on Thursday) and inflation (PCE data on Friday). The Fed’s preferred inflation gauge, the core PCE, is expected to dip slightly to 0.3%.<\/p>\n

\"EUR\/USD<\/p>\n

Technical Outlook on EUR\/USD<\/strong><\/h2>\n

The EUR\/USD bulls faced resistance at the<\/a> 1.1000 level on March 8th, and despite attempts to reach the previous high of 1.11400, they fell short. While their efforts kept the price around 1.09000, yesterday’s rally only reached a slightly lower high of 1.09841 before reversing course. Today, the market closed near the key support level of 1.08000. This price movement suggests potential bullish intervention when the market opens next week.<\/p>\n

However, the Bollinger Bands indicator remains relatively unaffected by the recent bearishness, suggesting continued volatility and possible consolidation. While a price swing upward is possible next week, the outcome will depend on broader market forces.<\/p>\n

Get free access to our lifetime VIP membership. Join us here.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Euro (EUR\/USD) suffered a significant decline against the US Dollar (USD) this week, dropping 1.3% in a broad market sell-off. Even positive economic data from Germany wasn’t enough to prevent the Euro’s fall. Investors now turn their attention to key data releases next week, including US GDP and PCE inflation figures, which could further […]<\/p>\n","protected":false},"author":1,"featured_media":6677,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[99,5,236,208,12,207,298,63,13,107,14],"tags":[50,199,15],"class_list":["post-6673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-active","category-announcement","category-article","category-currency","category-forex","category-funds","category-investment","category-news","category-technical-analysis","category-today","category-trading","tag-euro","tag-eurusd","tag-forex"],"yoast_head":"\nEUR\/USD Plunges for Two Days, Falls Towards 1.0800 - PredictMag<\/title>\n<meta name=\"description\" content=\"The Euro (EUR\/USD) suffered a significant decline against the US Dollar (USD) this week, dropping 1.3% in a broad market sell-off.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/predictmag.com\/blog\/2024\/03\/22\/eur-usd-plunges-for-two-days-falls-towards-1-0800\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EUR\/USD Plunges for Two Days, Falls Towards 1.0800 - 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