EUR/USD Forex Signal: Consolidation Below $1.1000 - 08 January 2024: (EURUSD) Up By Over 1% In The Last 21 Sessions

(VIANEWS) - The US Dollar was reaching multi-month lows on an increasingly firm market expectation that the Fed will begin cutting interest rates in March 2024. The European Central Bank's policy was seen as relatively hawkish. Technically the price had made a breakout above $1.1000 to new 4-month highs. This bullish picture has changed, as we saw the big risk-on rally which was manifested bullishly in this currency pair peak and then decline sharply, driving the price down from its recent highs. However, recent days have seen consolidation, as can be seen in the price chart below, with the price seeming to find support in the $1.0900 area after printing a double bottom at that level. It is obvious that there is strong resistance confluent with the big round number at $1.1000. With the bullish bounce a few hours ago at the higher support level of $1.0930, we are likely to see an up day here today. There may still be time to enter long as the London session gets underway for a swing trade if the price does not accelerate too quickly. Bulls should be cautious of the resistance levels near $1.1000, as this resistance is likely to hold today as it will probably be a quiet Monday without any major relevant economic data releases. If the price gets established below $1.0900 today, that will be a very bearish sign. There is nothing of high importance due today regarding either the EUR or the USD. Ready to trade our daily Forex signals? Here is a list of the best Forex brokers worth checking out. EUR/USD (EURUSD) has been up by 1.79% for the last 21 sessions. At 15:07 EST on Monday, 8 January, EUR/USD (EURUSD) is $1.10.

Eur/usd forex signal: consolidation below $1.1000 - 08 January 2024

In my previous analysis of the EUR/USD currency pair almost two weeks ago, I wrote that the

Eur/usd gains as traders anticipate a dovish federal reserve

At the time of writing, the EUR/USD is trading at 1.0967, gaining 0.24% after hitting a daily low of 1.0922., On the other hand, if the EUR/USD drops below the first support level seen at 1.0950, that would exacerbate a drop towards the 1.0900 figure.

Eur/usd: next move up to 1.12 or back down to 1.08 May depend on US more than eurozone data – socgen

Last year's 7.9% EUR/USD range was the second smallest since 1999 and the fact that the only year with a tighter range, 2019, came just before the outbreak of Covid suggests this is a return to normal. , On that basis, whether the next move for EUR/USD is up to 1.12 or back down to 1.08 may depend on the US more than Eurozone data.

Eur/usd analysis: under pressure amid selling - 08 January 2024

Shortly, the EUR/USD will remain on its current path until the markets react to the announcement of US inflation figures this week. EUR/USD's yearly highs and lows, it's 4.88% up from its 52-week low and 2.802% down from its 52-week high.

Volatility

EUR/USD's last week, last month's, and last quarter's current intraday variation average was a negative 0.25%, a positive 0.06%, and a positive 0.34%, respectively. EUR/USD's highest amplitude of average volatility was 0.34% (last week), 0.37% (last month), and 0.34% (last quarter), respectively.

Forex Price Classification

According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, EUR/USD's Forex is considered to be overbought (>=80). More news about EUR/USD (EURUSD).