EUR/USD holds steady near 1.0650
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EUR/USD is holding recovery mode near 1.0650 during the European session on Friday. A rebound in risk sentiment is helping the pair as the safe-haven US Dollar strengthens. Earlier today, reports of an Israeli attack on Iran spooked the markets.
Looking ahead, relatively weak economic fundamentals in the euro area, coupled with the resilience of the US economy, reinforce expectations for a stronger Dollar in the medium term, especially as consider the prospect of the ECB cutting interest rates before the Fed. In such a scenario, EUR/USD is expected to decline more clearly in the short term.
The 4-hour chart shows that the downtrend appears to have regained momentum. The H4 setup shows the market's resistance level, with the current trend it is likely that the price will retest the resistance level with a bounce and retest the 34.89 EMA. If the price quickly borrows selling pressure from this resistance level, the possibility of a breakout from 1.0610 will increase, the target in this case being 1.0550. And you?
EUR/USD is holding recovery mode near 1.0650 during the European session on Friday. A rebound in risk sentiment is helping the pair as the safe-haven US Dollar strengthens. Earlier today, reports of an Israeli attack on Iran spooked the markets.
Looking ahead, relatively weak economic fundamentals in the euro area, coupled with the resilience of the US economy, reinforce expectations for a stronger Dollar in the medium term, especially as consider the prospect of the ECB cutting interest rates before the Fed. In such a scenario, EUR/USD is expected to decline more clearly in the short term.
The 4-hour chart shows that the downtrend appears to have regained momentum. The H4 setup shows the market's resistance level, with the current trend it is likely that the price will retest the resistance level with a bounce and retest the 34.89 EMA. If the price quickly borrows selling pressure from this resistance level, the possibility of a breakout from 1.0610 will increase, the target in this case being 1.0550. And you?
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