EUR/USD consolidates above mid-1.0500s
Let's explore the market today with Selena, shall we?
The EU is currently experiencing a strong recovery after reaching its lowest closing level of the year, which has improved the prospects for the Euro, although the overall trend is still downward. A potential recovery rally could extend up to 1.062 without interrupting the downtrend.
On the 4-hour chart, technical indicators suggest a slight upward movement before the Asian trading session. However, the area around 1.065 has acted as a strong resistance level. This is an important region that needs to be surpassed for the Euro to pave the way for further gains, initially targeting 1.0600 and then 1.0630. Conversely, a consolidation below 1.0550 would increase downward pressure, revealing support levels at 1.0520 and 1.0495.
The EU is currently experiencing a strong recovery after reaching its lowest closing level of the year, which has improved the prospects for the Euro, although the overall trend is still downward. A potential recovery rally could extend up to 1.062 without interrupting the downtrend.
On the 4-hour chart, technical indicators suggest a slight upward movement before the Asian trading session. However, the area around 1.065 has acted as a strong resistance level. This is an important region that needs to be surpassed for the Euro to pave the way for further gains, initially targeting 1.0600 and then 1.0630. Conversely, a consolidation below 1.0550 would increase downward pressure, revealing support levels at 1.0520 and 1.0495.
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On Thursday, the EUR/USD experienced a sharp rise, rebounding from monthly lows and approaching the 1.0600 level. This move was primarily driven by a correction in the US Dollar, which took a pause after a prolonged period of gains.
