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    Home » EUR/USD looks to grow, settling at the 1.08 support level
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    EUR/USD looks to grow, settling at the 1.08 support level

    ZEMS BLOGBy ZEMS BLOGMarch 4, 2024No Comments2 Mins Read
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    EUR/USD

    Quick overview

    • Euro shows resilience, bouncing from 1.08 area after strong Eurozone inflation numbers.
    • Near-term support is firmly held at 1.08, indicating bullish potential for EUR/USD.
    • Resistance and support levels have been identified, with the pivot point at $1.0825 acting as a crucial marker for future moves.

    The euro's performance during February shows a steady recovery, especially with the EUR/USD pair recovering from the 1.08 area. This rise, driven by stronger-than-expected inflation figures in the euro zone, highlights the currency's resilience. Amid the recent low volatility in the global forex market, the 1.08 support level has proven to be a strong foundation for the euro, indicating that it is likely to bear the risks of events this week. EUR/USD's modest increase of 0.08% to 1.08434 reflects cautious optimism among traders, suggesting further gains are possible.

    Pivot at $1.0825: Decipher the next moves for EUR/USD

    A closer look at the dynamics of the currency pair, focusing on key support and resistance levels, provides further insight. The pivot point at $1.0825 is crucial for predicting future movements. Resistance levels at $1.0864, ​​$1.0887, and $1.0910 pose challenges to the upward movement, while support at $1.0796 and additional levels at $1.0762 and $1.0731 protect against declines. Identifying the 50 EMA at $1.0823 and the 200 EMA at $1.0883 provides insights into short-term and long-term trends, with an emphasis on upside potential above the $1.0825 mark.

    Dollar index at 103.881: Euro counter dance revealed

    The dollar index's slight decline of 0.03% to 103.881 is key to understanding the euro's position. This small change puts the index just above its pivot point at $103.82, providing a detailed view of the dollar's position against a basket of currencies. Identifying immediate resistance and support levels for the Dollar Index provides a complete picture of potential currency movements. The 50 EMA and 200 EMA indicators provide a balanced view of short-term versus long-term trends. It highlights the complex relationship between EUR/USD in the global foreign exchange market.

    This analysis underscores the Euro's resilience and growth potential amid current market conditions, with the 1.08 support level showing its strength. As investors navigate the complexities of the FX market, these insights serve as a guide to understanding EUR/USD's near-term trajectory.



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