EUR/USD exhibits signs of recovery as it gains momentum and surpasses the 1.0700 level following an earlier drop below 1.0670. With no significant data releases in sight, the prevailing positive sentiment in the market poses challenges for the US Dollar to strengthen, thereby assisting the pair's upward movement. However, caution is warranted as the price approaches the 61.8% Fibonacci level, coinciding with the dynamic trendline of the bearish channel. This convergence may trigger a pullback in line with the prevailing downtrend momentum.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.