EUR/USD Technical Analysis: Downside Path after Parity

Investors’ desire to buy the US dollar and abandon the euro due to concern about a bleak future for the recovery of the euro bloc contributed to the increase in the selling operations of the EUR/USD currency pair. This is with losses that reached the 1.0032 support level, the lowest in five weeks, and closed last week’s trading stable around those losses. The euro is on track to fall 1.7% since last Friday, which would be its worst trading week since July 8. The British pound is on its way to recording its worst week in more than a year and is headed for a 2% drop. This performance of the most famous currency pair in the forex market is on an important date this week with the announcement of the growth rate of the US economy, along with the Jackson Hole Symposium event, which will have a strong reaction to the expectations of raising US interest rates in the remainder of 2022.

James Rogers

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