EURUSD Reaches New Highs Amid Declining Consumer Sentiment

The EURUSD currency pair has reached a new session high following the release of disappointing consumer sentiment data from the University of Michigan. The sentiment index fell to a record low of 47.6, significantly below the expected 52.0. Additionally, inflation expectations for the next year surged to 4.8%, up from 3.8%, indicating growing concerns about rising prices.

The ongoing tensions related to the conflict in Iran are contributing to the decline in consumer confidence, which is influencing the inflation outlook. Technically, the EURUSD is testing a critical zone between 1.1726 and 1.1741, coinciding with the 50% midpoint of the 2026 trading range at 1.17443. If the price can maintain its position above this area, further upside targets are anticipated between 1.1765 and 1.1778.

On the downside, the currency pair briefly dipped below the 100-day moving average at 1.1688 but remained above the 200-day moving average at 1.1671. These moving averages are essential indicators for market bias, and maintaining levels above them suggests that buyers are still in control.

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Source: KLEA News