EUR/USD, GBP/USD, DXY Price Forecast: DXY Steady at $105.85; Sales Data Ahead

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Published: Jun 26, 2024, 07:55 GMT+00:00

Key Points:

US Consumer Confidence Index at 100.4, slightly above forecast, down from previous 101.3.
EUR/USD at $1.06865, down 0.04%, pressured by a stronger dollar and economic data.
GBP/USD stable at $1.26705, awaiting UK’s CBI Realized Sales and US New Home Sales data.

EUR/USD, GBP/USD, DXY Price Forecast: DXY Steady at $105.85; Sales Data Ahead

Events Ahead

Looking ahead, the market is gearing up for critical data releases. At 6:00 AM, the German GfK Consumer Climate Index is expected to show a slight improvement to -21.8 from the previous -21.0.

At 10:00 AM, the UK’s CBI Realized Sales figures are projected to drop to 1 from 8, which could impact GBP/USD. Later in the day, at 2:00 PM, the US New Home Sales data is forecasted at 636K, a slight increase from the previous 634K, which could influence the Dollar Index.

US Dollar Index (DXY)

Dollar Index Price Chart – Source: Tradingview

The Dollar Index is trading at $105.848, down 0.03%. On the 4-hour chart, the pivot point is at $105.729, indicating a critical level for market direction. Immediate resistance levels are $105.915, $106.076, and $106.220. Immediate support is at $105.598, with further support at $105.434 and $105.263.

The 50-day EMA is at $105.479, and the 200-day EMA is at $105.119, suggesting close support levels.

The outlook remains bullish above the pivot point of $105.729. However, a break below this level could trigger a sharp selling trend, shifting the market bias.

EUR/USD Technical Forecast

EUR/USD Price Chart – Source: Tradingview

EUR/USD is trading at $1.06865, down 0.04%. The 4-hour chart shows a pivot point at $1.07103, indicating a crucial level for market direction. Immediate resistance levels are $1.07375, $1.07597, and $1.07817. Immediate support is at $1.06865, with further support at $1.06678 and $1.06467.

The 50-day EMA is $1.07279, and the 200-day EMA is $1.07733, suggesting key resistance levels close to the current price.

Overall, EUR/USD remains bearish below the pivot point of $1.07103. A break above this level could shift the bias towards a bullish trend, while staying below it may continue the selling pressure.

GBP/USD Technical Forecast

GBP/USD Price Chart – Source: Tradingview

GBP/USD is trading at $1.26705, up 0.00%. The 4-hour chart shows a pivot point at $1.26895, indicating a key level for market direction. Immediate resistance levels are $1.27127, $1.27324, and $1.27532.

Immediate support is at $1.26668, with further support at $1.26451 and $1.26210. The 50-day EMA is at $1.26911, and the 200-day EMA is at $1.26883, suggesting close resistance levels.

Overall, GBP/USD remains bearish below the pivot point of $1.26895. A break above this level could shift the bias towards a bullish trend, while staying below it may continue the selling pressure.

About the Author

Arslan Aliauthor

Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.