EUR/USD Price Forecast: Fresh downside likely if sustain below 1.1455
The Euro (EUR) is down 0.12% to near 1.1460 against the US Dollar (USD) during the European trading session on Friday.
The Euro (EUR) is trading around 1.1460 against the US Dollar (USD) during European trading hours on Friday, slipping by 0.12%. This decline comes as the US Dollar gains strength, buoyed by expectations of additional interest rate hikes from the Federal Reserve (Fed) in 2024. The US Dollar Index (DXY) is at a seven-week high near 100.50.
The Euro faces selling pressure as the ECB's officials attempt to calm fears of second-round inflation impacts, which would reduce the likelihood of aggressive monetary tightening by the ECB. Currently, EUR/USD is trading below the 20-period exponential moving average (EMA) at 1.1561, and the Relative Strength Index (RSI) at 32.8 indicates lingering downside momentum.
Should the Euro sustain a drop below 1.1455, it could potentially extend further, targeting the psychological level of 1.1500.
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