Caution: Trading involves the possibility of financial loss. Only trade with money that you are prepared to lose, you must recognise that for factors outside your control you may lose all of the money in your trading account. Many forex brokers also hold you liable for losses that exceed your trading capital. So you may stand to lose more money than is in your account. does not guarantee the profitability of trades executed on its systems. We have no knowledge on the level of money you are trading with or the level of risk you are taking with each trade. You must make your own financial decisions, we take no responsibility for money made or lost as a result of using our servers or advice on forex related products on this website.
Expand Offer

Save $228 on our Trade Together program, paid for by our partner.

Learn More

Save $228 on our Trade Together program, paid for by our partner.

Learn More

EUR/USD Price Analysis – Pair Faces Downward Pressure Amid Dollar Strength

  • 2 mins read ●
  • Published:
eur usd 4

Key Points

  • EUR/USD edges lower for the third consecutive day due to a strong US dollar ahead of next week’s US inflation data.
  • It’s light on the economic data front this Thursday. 
  • A critical price level for the pair is 1.07096.
  • Interest Rate differential is currently a major factor in the minds of investors.

EUR/USD Daily Price Analysis – 09/05/2024

The pair is set for its third straight losing day after Tuesday and Wednesday ended with a 0.2% loss. So far, on Thursday, the price has dropped by 0.18%.

The interest rate differential, which favors the Greenback, is now a major factor for investors to consider. The chances of the interest rate gap widening are very much on the table, with the ECB expected to cut rates as early as June while the Fed expected to leave theirs untouched until September. 

Germany and France are having a day off to celebrate The Day of Ascension, which might taper volatility on Thursday. Across the Atlantic, not much is happening in the form of high-impact news. As such, investors would rather approach the pair with caution as they await an external catalyst to give them extra insight into both Central Banks’ potential next moves.

On the technical side, a bearish trendline originating from the 8th of March high perfectly sits above the price. The price seems to be continuing this trend after tapping the trendline and reversing. It had the same reaction after tapping the 500-day EMA.

EURUSD daily chart 2024-05-09
EUR/USD Daily Chart – 09/05/2024

EUR/USD Intraday Price Analysis – 09/05/2024

The EUR/USD has made a steady pullback to the upside after the strong downside push from the 9th of April to the 16th of April. So far, the price has risen past the halfway point of the impulsive downward move. 

Relying on the Fibonacci Retracement tool to gauge potential supports and resistance levels, we see that the first critical level for any upside move is 0.5 (1.07431) fib level. Right above this fib level is the Wednesday high of 1.07576. Should the price cross this level, we may see more upside to the 0.618 (1.07766) fib level.

On the bearish side, the first challenge comes with the 1.07260 support level that sits between the 0.5 (1.07431) fib level and the 0.382 (1.07096) fib level. Lower below are 0.236 (1.06681).

EURUSD hourly chart 2024-05-09
EUR/USD 1hr chart – 09/05/2024

Key Economic Data for the EUR/USD Pair – 09/05/2024

It’s light on the economic front this Thursday. Germany and France are shuttered for the Day of Ascension public holiday. In the United States, not much is happening in the form of high-impact news as well. 

EUR/USD Key Fibonacci Price Levels – 09/05/2024

Based on the 1H chart, the key Fibonacci price levels for EUR/USD are these:


Related Articles:

Risk Disclosure: The information provided in this article is not intended to give financial advice, recommend investments, guarantee profits, or shield you from losses. Our content is only for informational purposes and to help you understand the risks and complexity of these markets by providing objective analysis. Before trading, carefully consider your experience, financial goals, and risk tolerance. Trading involves significant potential for financial loss and isn't suitable for everyone.

Trade Like a Predator Hunt for Opportunities

Sign up now for FREE access to our exclusive trading strategy videos. Want more? Explore our Trade Together program for live streams, expert coaching and much more.

Here’s what you’ll get:

Identifying high probability scalping setups
When to scalp and when to stay out
Precise entries and exits
Position sizing and risk management
HTT Piranha Strategy Course thumbnail
By clicking the 'Learn Free Now' button you agree to our Terms of Service and Privacy Policy
HTT Connor, arms crossed

In partnership with our recommended partner SwitchMarkets partnering broker logo


1Register with Switch Markets.
2Verify your identity.
3Unlock Trade Together program for free!
Learn More

"Join our Trade Together program and interact with us in real-time as we trade the markets together."

HowToTrade Coaches