EURUSD Upside more compelling

Sep 19

EURUSD continued its rising trend at the expense of USD, as market expects more Fed rate cut to come.
ECB: Market price in one more cut this year
Fed: Market price in 75bps cut this year.
Technical:
Resistence: 1.12 and 1.1275 (July 18, 2023, high)
Support level to watch 1.113 (SMA 20), 1.11 (Fibonacci 23.6% retracement) and 1.1080 (SMA 100).

Sep 23

Note

EUR/USD drops below 1.1100 during European trading hours. The near-term outlook for the currency pair is anticipated to find interim support close to the 20-day Exponential Moving Average (EMA) near 1.1090.

The outlook for the major currency pair would remain solid as long as it holds the breakout of the Rising Channel chart pattern formed on a daily time frame near the psychological support of 1.1000.

The 14-day Relative Strength Index (RSI) moves down to 55, indicating that momentum is weakening.

Looking ahead, the round-level resistance of 1.1200 will act as a major obstacle for the Euro bulls. A decisive break above this level would drive the asset towards the July 2023 high of 1.1276. On the downside, the psychological level of 1.1000 and the July 17 high near 1.0950 will be major support zones.

News Update:
S&P GLOBAL: BUSINESS ACTIVITY IN EUROZONE DECREASES FOR FIRST TIME IN SEVEN MONTHS
S&P GLOBAL: HCOB FLASH EUROZONE MANUFACTURING PMI AT 44.8 (AUGUST: 45.8), 9-MONTH LOW
S&P GLOBAL: HCOB FLASH EUROZONE MANUFACTURING PMI OUTPUT INDEX AT 44.5 (AUGUST: 45.8), 9-MONTH LOW
S&P GLOBAL: HCOB FLASH EUROZONE COMPOSITE PMI OUTPUT INDEX AT 48.9 (AUGUST: 51.0), 8-MONTH LOW
S&P GLOBAL: HCOB FLASH EUROZONE SERVICES PMI BUSINESS ACTIVITY INDEX AT 50.5 (AUGUST: 52.9), 7-MONTH LOW
GERMAN 10-YEAR YIELD SURPASSES 2-YEAR YIELD FOR FIRST TIME SINCE NOVEMBER 2022
According to MKTNews.net