US Dollar Forecast: Bearish Market Signals Emerge – Setups on EUR/USD, GBP/USD

The upcoming week offers a relatively quiet U.S. economic calendar, allowing recent FX moves time to consolidate. However, the near-term outlook will need to be reassessed in mid-May, when the next set of CPI figures will be released. This report will provide fresh insights into the current inflation landscape, thereby guiding the Fed’s policy path and the direction of the broader market.

In the event of a bearish reversal, minor support areas can be identified at 1.0750, 1.0725 and 1.0695 thereafter. Below these levels, all eyes will be on the week’s swing low around 1.0645, followed by April’s through around the psychological 1.0600 mark.also climbed this past week, but the advance lacked impulse, with prices failing to close above the 200-day simple moving average.

On the flip side, if sellers return and propel cable lower, support stretches from 1.2515 to 1.2500. Bulls need to keep prices above this range to mitigate the risk of escalating selling pressure, which could potentially steer the pair towards 1.2430. Subsequent declines from this point forward could bring into consideration the 1.2300 handle.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.

We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.

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