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Bearish sentiment of EUR/USD

Bearish sentiment of EUR/USD | 01 February 2024

01 February 2024, EUR/USD

Bearish sentiment of EUR/USD

Event to watch out for today:

17:00 EET. USD - ISM Manufacturing PMI

EURUSD:

During the Asian session on Thursday, EUR/USD attempted to recover from recent losses and climbed towards 1.0810. However, the currency pair is currently under downward pressure due to aggressive remarks made by Federal Reserve Chairman Jerome Powell. Powell has rejected the possibility of an interest rate cut in March, citing high inflation and the strong performance of the US economy.

The psychological level of 1.0800, which coincides with the January low of 1.0794, provides immediate support for EUR/USD. A break below this level could reinforce bearish sentiment, potentially heading towards the major support area at 1.0750.

Trading recommendation: Wait for the price to consolidate below 1.0800 and start selling

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David Johnson
Analyst of «FreshForex» company
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