Market Analysis: EUR/USD Approaches Important Support
FXOpen
Yesterday, EUR/USD hit new May’s lows. This week’s latest news contributed to the decline:
→ Germany's GDP in Q1 2023 decreased by 0.3% compared to the previous three months. German media write about the official start of the recession.
→ The US economy in Q1 grew by 1.3% in annual terms.
→ Worrying opinions are spreading about a possible crisis due to the situation in the US housing market. According to JPMorgan analysts, the next shock to the US banking system could be loans for commercial real estate.
→ Traders see the dollar as a reliable asset in the face of the not yet raised US government debt ceiling.
The EUR/USD chart shows that the rate has already fallen by 3.3% from the peaks of May. The rate is approaching the psychological mark of USD 1.07 per euro, which may support the market.
The technical analysis of EUR/USD gives reason to count on another potential support level. We are talking about the lower line (1) of an important ascending channel that has been operating since last year — if it is reached, buyers may become more active using the rebound trading strategy on the EUR/USD market.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips (additional fees may apply). Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
Oil Markets: Why Could the Risk Premium Fade
Oil markets have recently reacted to geopolitical developments — but the more important signal may lie in how price action is evolving afterwards.
In this video, we look at why the risk premium in oil could begin to fade, despite ongoing
USD/JPY Builds Positioning Ahead of Signals from the Bank of Japan
USD/JPY dynamics continue to be driven by the persistent yield gap between US and Japanese government bonds. With the Federal Reserve maintaining a relatively hawkish stance and keeping rates elevated as of April 2026, the Bank of Japan remains
Australian Dollar Pulls Back from Highs on Weaker Data
The Australian dollar is undergoing a corrective decline after reaching recent highs, with the current move driven by market reaction to newly released macroeconomic data. Earlier gains in AUD were supported by improving global risk sentiment and steady demand for