Dear friends, Currently, EUR/USD is trading around the 1.0700 level, lacking clear direction as traders remain cautious ahead of important data from the Eurozone and the United States. Meanwhile, the resurgence in demand for the US Dollar may limit the upside potential of this currency pair.
Technical analysis :
From the 4-hour chart, we can argue that if the EUR price surpasses the 1.0705 level (with a minor resistance at 1.0690), it indicates that the current selling pressure has diminished.
Price prospect this week :
After climbing to a high of 1.0756 and retracing, the upward momentum has somewhat weakened, but only a breakthrough of the 1.0640 level would reveal that 1.0770 is within reach." Yesterday, the EUR dropped to a low of 1.0658. Although our "strong support" level at 1.0640 has not been broken, the upward momentum has weakened to some extent. In other words, the outlook for the EUR has shifted to neutral. Currently, the EUR may trade sideways within a relatively wide range of 1.0580/1.0750.
Technical analysis :
From the 4-hour chart, we can argue that if the EUR price surpasses the 1.0705 level (with a minor resistance at 1.0690), it indicates that the current selling pressure has diminished.
Price prospect this week :
After climbing to a high of 1.0756 and retracing, the upward momentum has somewhat weakened, but only a breakthrough of the 1.0640 level would reveal that 1.0770 is within reach." Yesterday, the EUR dropped to a low of 1.0658. Although our "strong support" level at 1.0640 has not been broken, the upward momentum has weakened to some extent. In other words, the outlook for the EUR has shifted to neutral. Currently, the EUR may trade sideways within a relatively wide range of 1.0580/1.0750.
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