EUR/USD - Review from 08.11.2024

Financial and commodity markets analytics


The previously described range (1.0670-1.0740) continues to provide support to the single European currency. In addition to this, pressure on the dollar was triggered by the expected cut in the key rate by the US Federal Reserve System. The rate was reduced by 25 basis points, in line with the forecast. However, technically, the local downward trend is still not broken, and a resumption of a decrease in the EUR/USD pair quotes with re-testing of local minimums is still possible. In addition to this, when planning transactions, it should be taken into account the end of a volatile week, when some traders will close out their positions before the weekend.