At the beginning of the week, the Euro started quietly around 1.0860 from the Tokyo market to the European market. However, when the market opened in New York, the Euro started to fall due to the rise in U.S. long-term interest rates. On the same day, comments supporting lower interest rates from central bank governors in Lithuania, Latvia, and Slovakia further accelerated the Euro’s decline. It dropped to 1.0811, which is the same level as last week’s low.
The U.S. Federal Reserve (FRB) is expected to lower interest rates gradually, but the European Central Bank (ECB) is expected to lower rates faster, which is leading to more selling of the Euro.
The next target for the Euro is around 1.0770, which is the low point just before the Euro started rising in August.
Predicted range for EUR/USD: 1.0850 to 1.0770
Please note that the above information does not guarantee profits, and you should make trading decisions at your own discretion.