EUR/USD Price Forecast: Downside pressure might intensify below 1.1300
The Euro (EUR) is down 0.16% at around 1.1310 against the US Dollar (USD) during the European trading session on Thursday. The major currency pair is under pressure as the US Dollar outperforms due to surging United States (US) Treasury Yields.
The Euro (EUR) is currently trading at approximately 1.1310 against the US Dollar (USD) during the European trading session on Thursday. The Euro is experiencing downside pressure as the US Dollar outperforms due to surging U.S. Treasury Yields. US Dollar has been the strongest against the Japanese Yen today, with the US Dollar Index (DXY) nearing its yearly high of 101.80.
10-year U.S. Treasury Yields have reached a fresh high near 5.30%, the highest level seen in two decades. Despite the US PCE data showing moderate price pressures, TD Securities forecasts the Federal Reserve to lift rates in October, although they acknowledge a more gradual approach cannot be ruled out. The Euro faces additional pressure from strong German inflation data, which is expected to be released on Friday.
Technical indicators suggest that EUR/USD is trading below the 20-period exponential moving average (EMA) at 1.1448, indicating a bearish bias. If EUR/USD breaks below 1.1300, downside pressure could intensify, with 1.1200 being the next major support level.
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