EUR/USD Steady Ahead of Major US Data Releases

By RoboForex Analytical Department

EUR/USD remains stable at around 1.0483 as markets digest the implications of the latest FOMC minutes. The Federal Reserve signalled a potential pause in rate cuts if inflation reaccelerates but also indicated readiness to continue easing if economic indicators weaken.

Today promises heightened activity for EUR/USD due to a slew of US economic data releases. It is a significant day as the US will release its initial Q3 GDP estimate. After recording a 2.8% growth in Q2, market participants are keen to see if this momentum carried into the third quarter. Expectations suggest a robust period, potentially boosting the US dollar if the data exceeds forecasts.

Additionally, the US will unveil October’s figures for personal income and expenses, durable goods orders, and the core PCE price index. These data points could significantly influence the dollar’s trajectory, adding to today’s trading volatility.

Technical analysis of EUR/USD

H4 chart: The EUR/USD appears to be challenging the upper boundary of its recent downward trend. Current technical analysis suggest a potential upward move towards 1.0580. After reaching this level, a corrective pullback to 1.0460 may occur before another upward wave targets 1.0700. This bullish EUR/USD forecast is supported by the MACD, which shows a positive divergence as it approaches the zero line from below.

H1 chart: The shorter-term H1 chart indicates that EUR/USD is on an upward trajectory towards 1.0580, with the currency consolidating above 1.0460. A breakout above this consolidation could validate the move towards 1.0580. Subsequently, a retracement to 1.0460 may set the stage for further advances. The Stochastic oscillator signals potential upward momentum, suggesting an increase in buying pressure.

Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

---

Latest Financial Markets News:

• IMF warns that US tariffs portend a slowdown in global economic growth Apr 23, 2025
• Pound Hits Fresh High Against the US Dollar Before Correcting: What’s Driving GBP/USD? Apr 23, 2025
• Trump lashed out at the US Federal Reserve chief Jerome Powell with criticism. Energy prices are falling Apr 22, 2025
• EUR/USD Hits Three-Year High as US White House Policy Concerns Mount Apr 21, 2025
• Today is Good Friday — most financial markets will be closed Apr 18, 2025
• EUR/USD in Equilibrium: Quiet Trading Expected on Good Friday Apr 18, 2025
• The Bank of Canada kept the interest rate unchanged. In New Zealand, there is an increase in inflation Apr 17, 2025
• Pound Among the Winners Boosted by US Dollar Weakness and Rate Cut Prospects Apr 17, 2025
• China data beat expectations. Inflationary pressures in Canada continue to ease Apr 16, 2025
• Japanese Yen Surges as Weak US Dollar Fuels Momentum Apr 16, 2025