EURUSD is one of the most traded currency pairs in the world. The price has remained in a downtrend since Q1 2021. Dollars keep gaining as the Federal Reserve keeps raising the interest rate and strong job data supporting the currency.
Technical Levels And Forecast
Meanwhile, Fed is battelling against inflation that caused the currency to drop against other major currencies from the last week of September creating support near $0.95 and bouncing back upside, and finding resistance near the psychological level near $1.05 which has been tested several times.
EURUSD Daily Price Chart
Now the price remains below the resistance level. If the price can’t break above that resistance level it can continue to decline more near the previous support near $0.95 or below. Otherwise, the price can reach $1.06 near the 38% Fibonacci level before next fall.
EURUSD Weekly Price Chart
Investors keep focusing on the U.S. Job data report this week. The price may continue to decline with better-than-expected job data according to readings of technical indicators like RSI, and MACD.