EUR/USD Continues to Decline
EUR/USD fell to a 30-week low on Monday, starting the week with a 0.6% decline. The pair continues to weaken below the 1.0700 level as Euro investors remain cautious, awaiting key US inflation (CPI) data and Eurozone GDP figures to be released later in the week. The Euro is under pressure mainly due to investors focusing on US economic indicators, especially the October CPI, which could influence the Federal Reserve's decision to maintain high interest rates. If inflation continues to rise, the likelihood of the Fed keeping interest rates elevated increases, further strengthening the US dollar and continuing to weigh on EUR/USD.
Currently, EUR/USD is trading around 1.0647, down 0.01%. The key resistance levels are at 1.071 and 1.080, which are significant barriers to any upward momentum for the pair. When EUR/USD tests the 1.071 resistance level, it is likely to reverse and head back toward the 1.064 support zone. Even if there is a potential rebound to test the 1.080 level, breaking through this resistance will be challenging. If the pair fails to break above this strong resistance, the downward trend is likely to continue, with EUR/USD potentially dropping further, even below the 1.064 support level.
Currently, EUR/USD is trading around 1.0647, down 0.01%. The key resistance levels are at 1.071 and 1.080, which are significant barriers to any upward momentum for the pair. When EUR/USD tests the 1.071 resistance level, it is likely to reverse and head back toward the 1.064 support zone. Even if there is a potential rebound to test the 1.080 level, breaking through this resistance will be challenging. If the pair fails to break above this strong resistance, the downward trend is likely to continue, with EUR/USD potentially dropping further, even below the 1.064 support level.
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