EUR/USD rebounds towards 1.1000 as USD retreats

26 Apr 2023

The EUR/USD currency pair is showing signs of a rebound towards the key psychological level of 1.1000 after a notable decline, which marked its most significant daily loss in a month and a half. The current rally is being aided by a recent pullback in the US Dollar, triggered by a general improvement in the market's risk sentiment, and anticipations regarding the US Durable Goods data release. In terms of technical analysis, the EUR has experienced a substantial rebound on the dynamic trendline of its bullish channel. This line has also provided reliable support, thereby bolstering the currency pair's upward trajectory. Our forecast is optimistic, indicating a new long impulse in the near future.