EUR/USD Faces Challenges Below 1.0700 - Double Bottom
Updated
Early Friday, the EUR/USD pair struggles to maintain its footing, trading below the 1.0700 mark after a negative close on Thursday. The current price action hints at a potential double bottom at the 78.6% Fibonacci retracement level within a significant support zone.
Thursday's risk-averse market sentiment boosted the US Dollar (USD), keeping EUR/USD under pressure.
On Friday, disappointing PMI data from Germany and the Eurozone added to the Euro's woes. The HCOB Composite PMI for Germany fell to 50.6 in June from 52.4 in May, and the Eurozone's HCOB Composite PMI dropped to 50.8 from 52.2. Both figures missed analysts' expectations, reflecting a slowdown in private sector business activity.
Despite these challenges, our technical analysis highlights a potential opportunity. The price's reaction to the key support area suggests a possible rebound, making this an attractive zone for a long position.
Thursday's risk-averse market sentiment boosted the US Dollar (USD), keeping EUR/USD under pressure.
On Friday, disappointing PMI data from Germany and the Eurozone added to the Euro's woes. The HCOB Composite PMI for Germany fell to 50.6 in June from 52.4 in May, and the Eurozone's HCOB Composite PMI dropped to 50.8 from 52.2. Both figures missed analysts' expectations, reflecting a slowdown in private sector business activity.
Despite these challenges, our technical analysis highlights a potential opportunity. The price's reaction to the key support area suggests a possible rebound, making this an attractive zone for a long position.
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