The EUR/USD experienced a decline on Thursday as the Euro underperformed and the US Dollar posted mixed results. The failure to hold above 1.0900 indi
cates a loss of bullish momentum for the pair. The next direction of the move is likely to depend on the outcome of the Nonfarm Payrolls report.
European Central Bank policymaker Robert Holzmann stated that interest rates are not yet at their highest level and that another one or two rate hikes are possible. However, market expectations regarding tightening from the ECB weakened, contributing to the Euro's slide.did not offer any surprises. German retail sales showed an unexpected decline in July. Data scheduled for release from the Eurozone on Friday includes the final August Manufacturing PMI.
The US Dollar rose against its main European rivals, but the Dollar Index lost ground. US consumer inflation figures did not have a significant impact. Now, the focus turns to Friday's NFP report. Also due is the ISM Manufacturing PMI., particularly the NFP, could be decisive for the direction of the EUR/USD pair. During the Asian session, further consolidation between 1.0830 and 1.0850 seems likely. The EUR/USD pulled back from the 20-day Simple Moving Average . The rejection from above 1.
On the 4-hour chart, the EUR/USD appears to be showing weakness as it trades below the 20-SMA. Technical indicators such as Momentum and the Relative Strength Index are not providing clear signals, with both flattening around midlines. Immediate support is seen at 1.0825, and a break below that level could expose the significant support area around 1.0805, potentially triggering further losses. On the upside, the immediate resistance is at 1.0865, followed by 1.0890.
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