Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Technical Analyst, Saxo Bank
EURUSD is hovering around the 0.50 retracement of the February-March bullish move at 1.0838 and may decline further to the significant support and 0.618 retracement at around 1.08.
The Moving Averages are showing conflicting signals, with the 55 Moving Average declining and the 21 and 200 Moving Averages ascending, indicating potential short- to medium-term volatility between 1.08 and 1.09. The RSI's positive sentiment suggests that EURUSD could resume its uptrend after this correction.
If EURUSD closes below 1.08 daily, it could drop to 1.0750. However, a climb back above 1.0830 could signal the resumption of the uptrend