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Trends & Analysis
News

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News

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Asset Watch

EUR/USD price faces key resistance levels

Thursday, October 19, 2023

EUR/USD price news, and analysis

• The 10 years US treasury yields at near 15 years high.
• EUR/USD corrects higher, key levels to watch.

 

US 10-year bond yields have experienced an upward trend and are approaching the significant 5% threshold. It’s worth noting that this rise has continued despite recent retail sales data showing strength. The increase in bond yields hasn’t abated due to concerns related to US fiscal policy. Furthermore, the House of Representatives, one of the two chambers of Congress, has encountered challenges in selecting a new speaker following the removal of its previous leader. This situation may lead to delays in the passage of legislative bills, potentially resulting in a government shutdown in November. Such an event could have adverse effects on consumer spending and the overall performance of the US economy. Additionally, there has been an increase in the supply of US bonds, with some Chinese investors reducing their holdings.

On the euro front, European inflation data, released yesterday, was largely in line with expectations. The core consumer price index recorded 4.5%, while the overall index was at 4.3%. With no major European data releases on the horizon, the movement of the EUR/USD is likely to be influenced by updates on the US economy and ongoing geopolitical tensions.

 

EUR/USD Price Daily Chart

 

Chart source ADSS Platform

 On October 13, the EUR/USD initiated a corrective move to the upside, forming a higher low at 1.0496 before making further gains to breach a bearish trendline originating from the July 18 high. However, the price failed to break above the trendline therefore, any successful break with a daily close above the resistance area located between 1.0629-1.0657 indicates a possible start of an upward trend that could lead the price towards 1.0873. Nonetheless, the resistance level residing at 1.0789 should be monitored closely.

Conversely, any failure in breaking above the trendline with a daily close below 1.0482 may encourage more bears to join the market and press towards 1.0199. That said, the support level located at 1.0364 should be considered.


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