05 December 2024, EUR/USD
Event to pay attention to today:
15:30 EET. USD - Unemployment Claims
EURUSD:
EUR/USD found support around the psychological 1.0500 level after opening the week with a sharp decline of more than 1% and ending a two-day winning streak. The pair posted a modest rebound on Wednesday, rising to 1.0530 as buyers stepped in, although technically the outlook remains bearish.
Economic statements from Fed and ECB heads such as Powell and Lagarde have little impact on the market as their rhetoric remains largely neutral. All indications are that there is zero probability of further monetary tightening in the US despite the comments.
For now, traders will focus on whether the pair can build on this rebound and continue its upward momentum. If the bullish momentum fades, the pair retains the risk of breaking 1.0500 and 1.0450 support levels again, while resistance near 1.0550 could limit further upside in the near term.
There are expectations that the pair could fall as low as 1.0200, as there are virtually no factors for the euro to rise. US reporting remains the only support for the euro, but its impact is limited.
Trade recommendation: Watching the level of 1.0500, trading mainly with Sell orders
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