EURUSD most likely to continue downward

EUR/USD Overview (November 10–17, 2024)

Over the past week, the EUR/USD pair has experienced a steady decline, hitting a six-month low. This downward movement was influenced by stronger U.S. economic fundamentals and a favorable market reaction to President-elect Trump's pro-business policies, which bolstered the U.S. dollar. European industrial production showed contraction (-1.3% m/m), adding negative pressure to the euro, while U.S. jobless claims decreased, reflecting a resilient labor market​​​​.

Technically, EUR/USD broke below critical support levels (1.0680 and 1.0540) as it continued its downward wave. A brief consolidation was observed near 1.0540, with potential for further declines to 1.0505​​​​.

Forecast for November 18–24, 2024

For the upcoming week, the EUR/USD outlook remains bearish unless significant bullish catalysts arise. Key drivers will include:

Eurozone Data: Any improvement in GDP or industrial production figures could stabilize the euro.

U.S. Economic Indicators: Continued strength in U.S. inflation and jobs data would likely support the dollar.

Technical Levels: Resistance is seen near 1.0595, while a break below 1.0505 could push the pair towards 1.0420​​​​.


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