EUR/USD hovers around 1.0550
The EUR/USD pair is currently trading around 1.0550 in Monday's Asian session, continuing its downward trend and approaching the year's low at 1.0496, reached on November 14. The strong decline in this pair is mainly driven by factors related to the Fed and positive economic data from the US.
Fed Chairman Jerome Powell recently reduced expectations of a near-term rate cut. He emphasized that the US economy remains stable, with a strong labor market and persistent inflation, meaning the Fed sees no need to rush into cutting interest rates.
Recent US economic data, such as retail sales and positive manufacturing indices, are further strengthening the USD, putting pressure on EUR/USD.
From a technical perspective, on the 1-hour chart, the resistance level at 1.0577 is proving to be a significant obstacle. While there is support at 1.0526 that could allow a short-term recovery, if the pair fails to break through this resistance, EUR/USD may continue to decline, possibly even breaking the support and moving lower.
Fed Chairman Jerome Powell recently reduced expectations of a near-term rate cut. He emphasized that the US economy remains stable, with a strong labor market and persistent inflation, meaning the Fed sees no need to rush into cutting interest rates.
Recent US economic data, such as retail sales and positive manufacturing indices, are further strengthening the USD, putting pressure on EUR/USD.
From a technical perspective, on the 1-hour chart, the resistance level at 1.0577 is proving to be a significant obstacle. While there is support at 1.0526 that could allow a short-term recovery, if the pair fails to break through this resistance, EUR/USD may continue to decline, possibly even breaking the support and moving lower.
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