Last week, the euro reached a new high of 1.1918, the highest in about four years, but then it started to fall.
After the U.S. central bank meeting, hopes for big rate cuts became smaller, so the dollar was bought, and the euro went down to 1.1730.
Even though the U.S. central bank is still expected to keep lowering rates, in Europe many believe the European Central Bank has stopped cutting rates. This makes the euro stronger when compared to the dollar.
The euro is influenced more by U.S. economic data than by European data. So this week, reports like U.S. jobless claims and the PCE inflation number will be very important. Depending on the results, the euro may try again to reach last week’s high.
The 90-day moving average is giving support, so the uptrend is expected to continue.
This week’s euro–dollar forecast range: 1.1660 – 1.1860 USD
Note: This information does not guarantee profits. Please make your own decisions when trading.