Euro vs US Dollar Weekly Technical Analysis
The Euro saw a significant rally during the trading week, testing the 50-week EMA. This was influenced by the US jobs number, which came in lower than expected. While this may seem bullish, a closer look at the weekly chart suggests that we are simply returning to a previous consolidation phase.
The European Central Bank is facing pressure to cut rates, while the US may follow suit if job numbers continue to slow down. This has led to a neutral stance in the market, with the Euro bouncing between 1.07 and 1.10 against the US Dollar. It is likely that we will see the currency pair moving towards the middle of this range in the near future.
Overall, the current situation suggests that we can expect more of the same in the coming weeks. The Euro vs US Dollar exchange rate is likely to continue fluctuating within the established range without any significant changes in the near term.