Eurozone Interest Rate Cuts Pressure EUR/USD

8:03 AM 22 April 2024

The possibility of earlier-than-anticipated interest rate cuts in the Eurozone, along with the recent sell-off in indices, is exerting pressure on the EUR/USD pair.

Since sellers managed to break through the support zone defined at 1.072, the downward trend has intensified further.

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However, recently there has been some indecision in the EUR/USD, with the price fluctuating within the range of 1.06 to 1.068.

On the 4-hour chart, it can be observed that the price is forming a channel pattern. If sellers succeed in breaking the lower boundary of the channel, then a new downward movement towards the next support zone at 1.055 should not be ruled out

EUR/USD 4 hours time frame chart. Source: xStation 5

Dollar Index, 4 hours time frame chart. Source: xStation 5

Forex Heatmap. Source: xStation 5

Henrique Tomé,
Analyst Portugal

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