EUR/USD Had to Reverse After Facing 1.0500 Resistance

12 godzin temu

EURUSD had to turn back when facing the 1.0500 resistance level. The euro’s weakness was mainly due to the strong recovery of the U.S. dollar, despite weak U.S. PMI data. However, this weakness was mitigated as support zones remain strong and active.

As seen on the chart, EURUSD formed a new high, surpassing the previous peak. If this is not a false breakout, the pair has all the necessary factors to push higher in the near future (including an upward trendline, EMA 34 and 89 reversal, and a series of higher highs and higher lows).

However, in the short term, it needs to retest and accumulate more momentum, with support at 1.0460 and 1.0410 providing a crucial foundation.

Looking ahead, we should pay attention to key economic events that may impact EURUSD including economic reports from the Eurozone and the U.S., as well as speeches from ECB and Fed officials. These insights could provide further clues on monetary policy and economic outlook, influencing the pair’s trajectory.

What about you? Do you think EUR/USD can sustain this uptrend?

9 godzin temu

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