USD held back by resistance, AUD maintains upward momentum
The decline was influenced by the strength of the USD when US government bond yields increased with the 10-year yield reaching 4.90%, the highest level since 2007.
With the current recovery momentum of the US economy and increasing geopolitical tensions in the Middle East, the Euro may continue to decline in value in the near future, even reaching a new low this year.
If EUR/USD falls further in the coming days, the support at 1.0500 could bring stability to the market and weaken the bearish momentum, but in case this threshold is crossed, the pair could push to the 2023 low at 1.0448, then a low near 1.0350.
On the other hand, if the price continues to recover then resistance will lie in the 1.0600 - 1.0625 area. If surpassed, the pair could continue to recover to 1.0765, the 38.2% Fibonacci Retracement level during the July/October sell-off.
With the current recovery momentum of the US economy and increasing geopolitical tensions in the Middle East, the Euro may continue to decline in value in the near future, even reaching a new low this year.
If EUR/USD falls further in the coming days, the support at 1.0500 could bring stability to the market and weaken the bearish momentum, but in case this threshold is crossed, the pair could push to the 2023 low at 1.0448, then a low near 1.0350.
On the other hand, if the price continues to recover then resistance will lie in the 1.0600 - 1.0625 area. If surpassed, the pair could continue to recover to 1.0765, the 38.2% Fibonacci Retracement level during the July/October sell-off.
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