EUR/USD Analysis: Breaking Supply Zones Amid USD Weakness
The EUR/USD is taking advantage of the selling pressure surrounding the US Dollar (USD), providing a boost to the pair and breaking through the previous supply areas around 1.0900. The sharp decline in the USD/JPY pair, following comments from Japanese Vice Finance Minister for International Affairs Masato Kanda about potentially responding to excessive FX market moves caused by speculators, has further weighed on the USD. This, coupled with markets fully pricing in a Federal Reserve rate cut in September, has left the USD struggling to find demand.
As the EUR/USD approaches the next supply area around 1.0950, attention is turning to a more significant weekly supply zone at 1.1050.
According to the latest Commitment of Traders (COT) report, non-commercial traders, like retail traders, remain bearish. However, it is essential to wait for a clear confirmation of market direction before considering the next point where the price may experience a U-turn.
Monitoring these key levels and waiting for confirmation will be crucial in identifying potential reversal points and planning subsequent trading strategies.
✅ Please share your thoughts about EUR/USD in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
As the EUR/USD approaches the next supply area around 1.0950, attention is turning to a more significant weekly supply zone at 1.1050.
According to the latest Commitment of Traders (COT) report, non-commercial traders, like retail traders, remain bearish. However, it is essential to wait for a clear confirmation of market direction before considering the next point where the price may experience a U-turn.
Monitoring these key levels and waiting for confirmation will be crucial in identifying potential reversal points and planning subsequent trading strategies.
✅ Please share your thoughts about EUR/USD in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
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