Precisely, today at the time of writing, the euro-dollar exchange rate is at 1.693 while the US dollar index is at 105.594 points.
Forecasts on the euro-dollar exchange rate
The euro-dollar exchange rate could remain stable on the intermediate support line of 1.07 or slightly above, without any particular bullish stimuli worthy of note. On the technical front, it is clear that a continuation of increases above 1.07 can contribute to reconstructing a recovery scenario measured towards 1.072, 1.0735 and 1.075.
On this last bullish target, the euro-dollar exchange rate could start to show more caution, due to the constant selling pressure already experienced. In any case, in the event of an extension, it is also possible to hypothesize a rally towards 1.08/1.082 in the short term. As for the holding of this bullish extension, much will depend on developments in France and in the rekindled conflict in the Middle East.
The recovery scenario described so far would in any case be canceled out by larger declines than those experienced in these hours, towards and beyond the support of 1.0675. In this case, the euro-dollar exchange rate would approach its relative lows and could begin to eye the annual lows of April at 1.06 rounds.
Today’s economic calendar
Today’s economic calendar starts with the update of the consumer confidence index in Italy, which will be followed by the economic sentiment of the Eurozone.
From the USA, in addition to the usual update on unemployment benefits, the data on GDP growth and the trade balance of preliminary goods will be the sole protagonists of the day.
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