FX.co ★ EUR/USD

EURUSD 15-Minutes Analysis: EUR/USD trades with reasonable gains and reclaims the 1.15350 range on the basis of the renewed selling pressure surrounding the dollar in the middle of the week. Investors' increasing desire for riskier investments in a setting where market participants seem to have sufficiently assessed recent positive readings from the US jobs data and remarks made by Chair Powell on Tuesday provide further support for the pair's upward trend. The EUR/USD has begun a good recovery after bottoming out on Tuesday around the 1.14550 range, usually in reaction to the dollar's lack of upward impetus. Price movement regarding the euro should also continue to closely monitor dollar dynamics while we wait for the ECB to take additional action following its announcement of a 50 basis point rate cut at its meeting last week. Concerns about a recession have lessened in relation to the euro area, but they nevertheless support the recovery of the single currency and the hawkish stance of the ECB. The EUR/USD manages to reach some balance and surpass that level on Wednesday after hitting new lows at 1.14660 on Tuesday. In contrast, a bullish reversal is indicated by the Relative Strength Index (RSI) (14), which has shifted from the negative range of 20.00-40.00 to the bullish range of 40.00-60.00. Now up 0.28% at 1.15356, the pair is poised to face the next upward barrier at 1.18166, followed by 1.18800 (ground level) and 1.19666 (March 31, 2022, weekly high). Conversely, a drop below 1.14367 would target 1.14479 (55-day SMA) before hitting 1.12311 (January 6, 2023).