EUR/USD Analysis – 15.Nov.2024
EUR/USD Analysis: Analyzing the #EURUSD chart in the daily timeframe, we can observe that the price is currently trading around the demand zone of 1.056. having declined over 500 pips from previous highs. This decline has brought the price into a significant demand zone between 1.0520 and 1.0580, where we anticipate a potential bullish reaction. If the price manages to hold above this level, we can anticipate a short-term upward move. However, the overall trend remains bearish unless proven otherwise! Fundamentally, the euro has been under pressure due to concerns over potential U.S. tariff hikes following Donald Trump’s election victory, which could negatively impact the eurozone economy. Historically, the euro has fallen below the $1 mark twice, including for a few months in 2022 amidst rising U.S. interest rates and the energy price surge from the Ukraine war. A weak euro could raise import costs, potentially spiking inflation, though recent trends suggest inflation may not be a major concern. On the flip side, euro depreciation benefits exporters, particularly in Germany.
(this post on tradingview)
Author : Arman Shaban
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