EUR/USD Expected to Fall to 1.0950-1.0900

The U.S. dollar index appears to be holding steady below 102, but may rise to 102-102.50 in the short term, while the euro may fall to 1.0950-1.09. EUR/JPY and USD/JPY are bearish and are expected to approach the 155-154 and 140-138 ranges respectively before rebounding from there. USD/CNH is expected to trade in the 7.0875-7.15 range in the short term. The Australian dollar and British pound are also bearish, with targets at 0.6750 and 1.26 respectively. When USD/RUB breaks above 88, it will attempt to move up to 92. In the next few trading days, USD/INR is expected to trade in the 83.10-83.30 range. The euro has fallen sharply against the Indian rupee and will then reverse, with a mid-line target of 91.50-91.00.

U.S. Treasury yields and German Bund yields continue to move higher. Both consolidated higher, in line with our expectations. There is room for further gains in the coming days before the overall downward trend resumes. The 10-year and 5-year Treasury bonds are consolidating in a downward trend. The outlook remains bearish, with losses expected to resume in the coming days.

The Dow Jones Index and Nifty Index face key resistance levels ahead, and will test this level in the short term, and are expected to consolidate and fall thereafter. The DAX index remains range-bound. There is still room for the Shanghai Composite Index to test immediate resistance before pausing its gains.

Crude oil prices have rebounded but will need to break through resistance to ease downward pressure. Gold, silver and copper all have room to test key immediate support levels before a rebound occurs. Natural gas has broken out of its upside range and looks set to rise further from this level.

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