EUR/USD Sees Third Consecutive Day of Losses Amidst Dollar...
EUR/USD Sees Third Consecutive Day of Losses Amidst Dollar Strength and Eurozone Data
The EUR/USD pair finds itself in the red for the third consecutive day as it struggles near the 1.0545 mark during the early European trading session on Thursday. The pair faces headwinds stemming from a stronger US Dollar (USD) and lackluster economic data from the Eurozone. Adding to the concerns are recent tensions in the Middle East, which have raised worries about the region's economic growth prospects. As market participants eagerly anticipate the European Central Bank (ECB) interest rate decision scheduled for Thursday, it is widely expected that the ECB will keep interest rates unchanged at its October meeting.
From a technical perspective, our earlier analysis has been playing out remarkably well. We observed a rebound from the crucial 78.6% Fibonacci level, forming a distinctive Gartley pattern. The price is now approaching our final target at the 1.0500 level. This technical insight aligns with the broader market sentiment, indicating the potential for further downward movement in the EUR/USD pair.
Initial Idea:
The EUR/USD pair finds itself in the red for the third consecutive day as it struggles near the 1.0545 mark during the early European trading session on Thursday. The pair faces headwinds stemming from a stronger US Dollar (USD) and lackluster economic data from the Eurozone. Adding to the concerns are recent tensions in the Middle East, which have raised worries about the region's economic growth prospects. As market participants eagerly anticipate the European Central Bank (ECB) interest rate decision scheduled for Thursday, it is widely expected that the ECB will keep interest rates unchanged at its October meeting.
From a technical perspective, our earlier analysis has been playing out remarkably well. We observed a rebound from the crucial 78.6% Fibonacci level, forming a distinctive Gartley pattern. The price is now approaching our final target at the 1.0500 level. This technical insight aligns with the broader market sentiment, indicating the potential for further downward movement in the EUR/USD pair.
Initial Idea:
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