"EUR/USD: Weekly Loss Signals
EUR/USD dipped below 1.0570 (Simple Moving Average 100-period, 23.6% Fibonacci retracement level of the recent downtrend) and the Relative Strength Index (RSI) on the 4-hour chart dropped below 50, indicating a short-term bearish trend.
If EUR/USD rises above 1.0570 and establishes it as support, the pair might gather upward momentum, aiming for 1.0600 (psychological level) and 1.0640-1.0650 (38.2% Fibonacci retracement level, 200-period SMA).
On the flip side, key support levels are at 1.0500 (psychological level) and 1.0450 (low point of the recent downtrend) if 1.0570 holds. EUR/USD stabilized around 1.0550 early Friday after a significant loss on Thursday. Technical outlook suggests that the upward momentum has diminished, but buyers might show interest if the pair manages to turn 1.0570 into support.
Renewed strength in the US Dollar (USD) forced EUR/USD southward during Thursday's US trading session following the latest inflation data. The US Bureau of Labor Statistics reported that the Consumer Price Index (CPI) in the US increased by 3.7% year-on-year in September. Core CPI, excluding food and energy price fluctuations, decreased to 4.1% from an expected 4.3%. Analyzing the core details of the report, "the Fed's 'super core' (core services excluding rent components) rose 0.6% from last month, pushing the annual growth rate over the last three months up to 4.8% from 2.2% in August," noted Nathan Janzen, Deputy Chief Economist at the Royal Bank of Canada.
On Friday morning, US stock futures were trading modestly higher. In the absence of high-impact macroeconomic releases, risk sentiment could influence USD pricing and drive EUR/USD action before the week's end.
An opening price hike on Wall Street might make it challenging for USD to find demand. Conversely, EUR/USD might drop if investors continue pricing in a stronger probability of the Federal Reserve raising rates by an additional 25 basis points before year-end.
If EUR/USD rises above 1.0570 and establishes it as support, the pair might gather upward momentum, aiming for 1.0600 (psychological level) and 1.0640-1.0650 (38.2% Fibonacci retracement level, 200-period SMA).
On the flip side, key support levels are at 1.0500 (psychological level) and 1.0450 (low point of the recent downtrend) if 1.0570 holds. EUR/USD stabilized around 1.0550 early Friday after a significant loss on Thursday. Technical outlook suggests that the upward momentum has diminished, but buyers might show interest if the pair manages to turn 1.0570 into support.
Renewed strength in the US Dollar (USD) forced EUR/USD southward during Thursday's US trading session following the latest inflation data. The US Bureau of Labor Statistics reported that the Consumer Price Index (CPI) in the US increased by 3.7% year-on-year in September. Core CPI, excluding food and energy price fluctuations, decreased to 4.1% from an expected 4.3%. Analyzing the core details of the report, "the Fed's 'super core' (core services excluding rent components) rose 0.6% from last month, pushing the annual growth rate over the last three months up to 4.8% from 2.2% in August," noted Nathan Janzen, Deputy Chief Economist at the Royal Bank of Canada.
On Friday morning, US stock futures were trading modestly higher. In the absence of high-impact macroeconomic releases, risk sentiment could influence USD pricing and drive EUR/USD action before the week's end.
An opening price hike on Wall Street might make it challenging for USD to find demand. Conversely, EUR/USD might drop if investors continue pricing in a stronger probability of the Federal Reserve raising rates by an additional 25 basis points before year-end.
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