The EUR/USD pair gains momentum during the early European session on Thursday. Market players await the German Trade Balance for August, which is expe
EUR/USD gains traction for two straight days amid the USD softness. The major pair holds below the 50- and 100-hour EMAs with a non-directional RSI. The immediate resistance level for EUR/USD is located at 1.0543; the first support level is seen at 1.0488. The EUR/USD pair gains momentum during the early European session on Thursday.Market players await the German Trade Balance for August, which is expected to decline to €15B from the previous reading of €15.9B.
Any follow-through buying above the latter will see a rally to 1.0600, representing the confluence of the 100-hour EMA and a psychological round mark. Further north, the cross will challenge the next hurdle at 1.0635 , followed by 1.0670 , and finally at a psychological figure at 1.0700. On the downside, the first support level is seen at a low of September 27 at 1.0488. The next contention to watch is near a low of October 3 at 1.0448. The next downside stop is located at 1.0433 .
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