Meanwhile, at the time of writing the euro-dollar exchange rate is 1.0875 while the US dollar index is still decreasing at 104.195 points.
Forecasts on the euro-dollar exchange rate
The euro-dollar exchange rate will likely continue to move above the 1.085 level gained yesterday, but has already undergone a retracement compared to yesterday’s early afternoon high of 1.0895.
A return to this value would be crucial for the assault on the resistance of 1.09 and then the subsequent levels of 1.092 and 1.0928, but the bearish pressure could continue.
For the last two sessions of this week, I would not be surprised by a continuation of the declines to 1.085 or a stabilization at the current level of 1.0875. Once the bursts of retracements are over, the euro-dollar exchange rate could leverage further positive market movers to retest the resistance at 1.09 and above.
Only a drop below 1.085 and towards the supports of 1.082 and 1.08 could alter the short-term view to generate a reversal of the bearish trend.
Today’s economic calendar
Today’s economic calendar starts with the inflation rate and the Italian trade balance, which will be followed by numerous US macro data.
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