EUR/USD: Continuing to Decline or Approaching a Turning Point?
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The EUR/USD pair continues to slide and is nearing an 8-week low of 1.0960 due to the strong rise of the USD. Positive U.S. job data has reinforced expectations that the Fed will continue to raise interest rates, pushing the USD index to new highs. Additionally, geopolitical tensions in the Middle East have also enhanced the appeal of the USD as a safe-haven asset.
Looking at the 1-hour chart, the 1.097 resistance level is proving too strong for the Euro. If this level is not surpassed soon, the Euro may test the 1.095 support level. It could even break this support and fall further.
This is Alisa’s analysis. What do you think about this currency pair?
The EUR/USD pair continues to slide and is nearing an 8-week low of 1.0960 due to the strong rise of the USD. Positive U.S. job data has reinforced expectations that the Fed will continue to raise interest rates, pushing the USD index to new highs. Additionally, geopolitical tensions in the Middle East have also enhanced the appeal of the USD as a safe-haven asset.
Looking at the 1-hour chart, the 1.097 resistance level is proving too strong for the Euro. If this level is not surpassed soon, the Euro may test the 1.095 support level. It could even break this support and fall further.
This is Alisa’s analysis. What do you think about this currency pair?
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