Always misdirected this morning against the dollar, the euro suffers from fears of a global economic recovery soft. An atmosphere that has cooled significantly in the trading floor since the Fed's statement following its decision Tuesday not to change its main interest rate. For now, as confirmed by the technical analysis of major indices on both sides of the Atlantic, the gauge of short-term confidence is very unfavorable for the euro currency 'at risk' par excellence.
Around 11:40 am, the spot EURUSD is approximately 1.2850.
From a graphical perspective, the currency pair still has a pronounced downward bias, as seen on the daily schedules. However, to guard against a potential technical rebound could take place on equity markets - which would not fail to startle our currency - currency traders prefer to play the card of caution.
Hourly data chart:
Daily data chart:
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