EUR/USD consolidates in a range just above the mid-1.0500s
Updated
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The beginning of the new week saw a slight downward movement in the EUR/USD pair, with trading fluctuating within a narrow range just above the mid-1.0500 level during Asia's trading session.
Following a strong recovery from this year's lowest daily closing point, there has been an improvement in the Euro's outlook. However, it is important to note that the overall bias still remains bearish. There is potential for a recovery rally to reach up to 1.0700 without disrupting this bearish trend.
Nevertheless, it should be noted that there is significant resistance around 1.0580 which needs to be overcome for Euro to move higher and set its sights on initial targets at 1.0600 and then 1.0630 respectively. On the other hand, if consolidation occurs below 1 .0550 , it will increase pressure on bearish movement exposing support levels at 1 .0520 and then at l.o495 respectively.
The beginning of the new week saw a slight downward movement in the EUR/USD pair, with trading fluctuating within a narrow range just above the mid-1.0500 level during Asia's trading session.
Following a strong recovery from this year's lowest daily closing point, there has been an improvement in the Euro's outlook. However, it is important to note that the overall bias still remains bearish. There is potential for a recovery rally to reach up to 1.0700 without disrupting this bearish trend.
Nevertheless, it should be noted that there is significant resistance around 1.0580 which needs to be overcome for Euro to move higher and set its sights on initial targets at 1.0600 and then 1.0630 respectively. On the other hand, if consolidation occurs below 1 .0550 , it will increase pressure on bearish movement exposing support levels at 1 .0520 and then at l.o495 respectively.
Note
Good luck everyoneNote
What do you think about the market this week? Comment your thoughts and wishes.Trade closed: stop reached
Note
As support for a further rise in US Treasury yields, coupled with a generally weaker risk profile, is seen as benefiting the safe-haven USD and acting as a drag for EUR/USD pair.Note
The devalued EUR USD is currently trading at a low of 1.046, down 0.09% on the day
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