The EUR/USD currency pair has been on a downward trend in recent weeks, reaching a one-month low and posing a risk to the crucial 100 DMA (day moving average). This development has caught the attention of Alex Boltyan, a renowned FX analyst, who has been closely monitoring the market trends.
According to Boltyan’s reports, the EUR/USD pair has been under pressure due to a combination of factors, including the resurgence of COVID-19 cases in Europe, concerns over the pace of economic recovery, and the ongoing political uncertainty in the United States. These factors have led to a flight to safety, with investors flocking to the US dollar as a safe haven asset.
The one-month low reached by the EUR/USD pair is significant as it marks a key support level that has not been breached since early September. If the pair continues to decline, it could pose a risk to the crucial 100 DMA, which is currently hovering around the 1.1750 level. A breach of this level could signal a further downward trend for the pair, with potential support levels at 1.1700 and 1.1650.
Boltyan’s analysis suggests that the EUR/USD pair is likely to remain under pressure in the short term, with key economic data releases and political events likely to influence market sentiment. The upcoming US presidential election, for example, could have a significant impact on the currency markets, with investors closely monitoring the outcome and potential policy changes that could affect the US dollar.
In addition to political events, economic data releases such as GDP figures, inflation rates, and employment data will also be closely watched by investors. Any signs of weakness in the European economy could further weigh on the EUR/USD pair and push it towards the crucial 100 DMA.
Overall, Boltyan’s reports highlight the importance of closely monitoring market trends and staying informed about key economic and political events that could impact the currency markets. As always, investors should exercise caution and consider their risk tolerance when making trading decisions in the volatile FX market.
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- Source: https://zephyrnet.com/eur-usd-drops-to-lowest-level-in-a-month-threatens-key-100-dma-for-fxeurusd-by-alex_boltyan_fxanalyst/