After the recent buying ended, the euro may start falling again.
At the start of last week, the euro was expected to go up after the U.S. and Europe reached a trade agreement. However, selling began first, and the euro dropped. Also, during the FOMC meeting, the U.S. showed no strong signs of cutting interest rates, which caused the euro to fall further.
The price broke below the important level near 1.1550 (which had acted like a “neckline” after the euro hit double tops around 1.18). This led to faster selling, and just before the U.S. jobs report was released, the euro dropped to around 1.1390. After the report, the euro bounced back to 1.1587. At the end of the week, it barely closed above 1.1550.
Because many traders who had sold the euro quickly bought it back, the price showed some short-term support. However, if the euro falls below 1.1550 again, it might try to test last week’s low of 1.1390 once more — especially as people worry about how future tariffs could hurt the European economy.
Expected EUR/USD Range This Week: 1.1430 – 1.1650 USD
Note: This information does not guarantee profits. Please make your own decisions when trading.