In the Asian session on Thursday (October 27), EUR/USD rose and fell, and is currently trading around 1.0080. As of 09:28 Beijing time, the EUR/USD price was 1.0079, a decrease of 0.01%. The exchange rate of EUR/USD on the previous trading day The lowest price was reported at 0.9941, and the closing price was reported at 1.0080. Expectations of rate hikes supported the euro’s gains as the European Central Bank‘s October rate decision loomed. However, economic risks could limit future gains.
This week, the European Central Bank will discuss interest rates again. At present, judging from the performance of various data disclosed and the statements of ECB officials, the market generally believes that the ECB will continue to raise interest rates, but the downward trend of the European economy has already emerged, and the economic outlook is worrying. The European Central Bank will hold interest rate meetings on October 27 and December 15, which will be the last two interest rate meetings remaining this year. Faced with high inflationary pressures, market participants generally expect that the European Central Bank will continue to raise interest rates at this week’s meeting on interest rates to deal with high inflation.
Euro technical analysis
The EURUSD fell on Wednesday to be supported above 0.9940, and the rise was blocked below 1.0090, which means that Europe and the United States may maintain a rising trend after a short-term decline. If Europe and the United States are supported above 1.0035 today, the target for the market outlook will point to 1.0135–1.0185.
