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EUR/USD Exchange Rate Has Fallen Below 1.08 Level
As the EUR/USD chart today shows, yesterday the rate dropped by 0.46% – the most significant strengthening of the US dollar against the euro in one day this month. Moreover, the rate fell below the psychological mark of 1.08 euros per dollar (in the first half of May, it served as resistance).
Yesterday's movement was influenced by:
→ news of rising inflation in Germany. As reported by Think.ING, inflation reached 2.4% year-on-year, up from 2.2% in April – highlighting uncertainty and the resilience of inflation;
→ the rise of the US dollar, driven by falling Treasury bonds, which increased the appeal of the American currency due to both higher yields in the US and demand for safe-haven assets.
Analysing the chart on 23 May in the article "EUR/USD Price Forms Bullish Reversal," we:
→ drew an ascending channel (shown in blue);
→ highlighted the importance of resistance at the 1.0875 level.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
As the EUR/USD chart today shows, yesterday the rate dropped by 0.46% – the most significant strengthening of the US dollar against the euro in one day this month. Moreover, the rate fell below the psychological mark of 1.08 euros per dollar (in the first half of May, it served as resistance).
Yesterday's movement was influenced by:
→ news of rising inflation in Germany. As reported by Think.ING, inflation reached 2.4% year-on-year, up from 2.2% in April – highlighting uncertainty and the resilience of inflation;
→ the rise of the US dollar, driven by falling Treasury bonds, which increased the appeal of the American currency due to both higher yields in the US and demand for safe-haven assets.
Analysing the chart on 23 May in the article "EUR/USD Price Forms Bullish Reversal," we:
→ drew an ascending channel (shown in blue);
→ highlighted the importance of resistance at the 1.0875 level.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
