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EUR/USD, Time frame: weekly, Tools: SMA 100 EURUSD continues to decline for the third consecutive week, approaching horizontal support around 1.1385. The pair has fallen by around 0.5% since the beginning of the current week. Markets are watching how the euro reacts to these levels, as this price zone has previously triggered several rebounds and has typically acted as an important area of support.
The euro’s decline comes after the US Federal Reserve raised interest rates to a range of 3.75%–4%, providing positive support for the US Dollar Index, particularly amid expectations of another rate hike. Against this backdrop, with the US dollar strengthening and the euro declining, we could see significant changes in price action in the coming period, with much depending on how EURUSD reacts to the 1.1385 level.
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