EUR/USD Hovers Near 1.0650 Amid Modest USD Recovery
Updated
EUR/USD remains near the low of around 1.0650 in the European trading session on Tuesday. The modest recovery of the US Dollar (USD) has driven EUR/USD to continue its downward trend.
According to the analysis from the 4-hour chart, the downtrend of the EUR/USD currency pair seems to show signs of notable recovery. Anticipated that there will be a testing phase for the Simple Moving Average SMA 20 before resuming the downward trend.
However, this also needs to be carefully considered in conjunction with the overall market conditions and other factors such as economic and political news impacting currency pairs. The uncertainty about the market direction can create a challenging trading environment, and investors need to evaluate and manage risks prudently in their investment decisions.
According to the analysis from the 4-hour chart, the downtrend of the EUR/USD currency pair seems to show signs of notable recovery. Anticipated that there will be a testing phase for the Simple Moving Average SMA 20 before resuming the downward trend.
However, this also needs to be carefully considered in conjunction with the overall market conditions and other factors such as economic and political news impacting currency pairs. The uncertainty about the market direction can create a challenging trading environment, and investors need to evaluate and manage risks prudently in their investment decisions.
Note
The EUR/USD pair surged after PMI data from France, however, there are still signs of a recovery in the downward trend. Let's wait and see the movements of this pair during the US trading session when PMI data from the US is released!Note
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