Abstract:EUR/USD faces increasing selling pressure and returns to the sub-1.0700 region afer hitting new highs near 1.0750 at the beginning of the week.
- EUR/USD comes under pressure following Mondays tops.
- Further decline could revisit the 1.0650 zone in the near term.
EUR/USD faces increasing selling pressure and returns to the sub-1.0700 region afer hitting new highs near 1.0750 at the beginning of the week.
In case the downward bias picks up extra pace, the pair could extend the pullback to the 55-day SMA near 1.0650, which is expected to provide temporary contention.
In the meantime, while below the 200-day SMA at 1.0804, the pairs outlook should remain negative.
EUR/USD daily chart
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
According to Central Bank Governor Olayemi Cardoso, the bank's strategy for achieving foreign exchange stability has shifted from "firefighting" to strategic planning.
Crude oil prices are displaying cautious upward movement as market dynamics balance concerns over demand with potential supply disruptions according to the report. The focus now shifts to upcoming US inflation figures, which are poised to impact various markets.
Recently, WikiFX Forex Rights Protection Day has received extensive attention and heated discussions within the industry. This rights protection campaign, initiated by WikiFX, aims to expose illegal platforms through user submissions, safeguard the fairness, transparency, and standardization of the forex market, and create a safe and reliable trading environment for investors. As the event progresses, its influence continues to expand, drawing coverage from numerous globally renowned media outlets.
On Saturday, Iran retaliated against a suspected Israeli attack on its Syrian consulate by launching missiles and explosive drones at Israel, marking its initial direct assault on Israeli soil. This incident prompted a surge in gold prices on Monday as investors sought safe havens amid rising concerns about a broader regional conflict, leaving traders apprehensive about the future.