Last week, EUR/USD rose to 1.0436 early in the week as the U.S. dollar weakened but formed a short-term double top and fell. By the weekend, strong U.S. employment data caused the pair to drop to 1.0213, the lowest level since November 2022.
Concerns about political issues and economic slowdowns in Germany and France, compared to the strong U.S. economy, may continue to pressure the euro this week. German and Eurozone Consumer Price Index (CPI) data will be released, but they are unlikely to change the European Central Bank’s plans to continue cutting interest rates. Meanwhile, depending on U.S. CPI and retail sales results, long-term U.S. interest rates could rise further.
The euro’s next possible support level is around 1.0000, based on Fibonacci 76.4% retracement.
This Week’s Predicted EUR/USD Range: 1.0350–1.1000
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