"EUR/USD Holds Steady Near 1.0600 Ahead of Data"
Updated
EUR/USD continues its upward momentum, reaching a six-day high at 1.0630. Improved risk sentiment and stable bond yields are pressuring the US Dollar. On Tuesday, as the FOMC meeting kicks off and the Eurozone releases inflation data, the common currency faces a critical juncture.
The daily chart of EUR/USD shows a lack of clear direction, indicating the pair might hover around the 20-day Simple Moving Average (SMA). However, surpassing the 55-SMA at 1.0675 could signal further potential for an uptrend.
On the 4-hour chart, the price remains above key SMAs, consolidating above 1.0600. Technical indicators lean towards an upward trend, albeit moderately convincing. There's a possibility of further gains in the upcoming Asian trading session, especially if the price stays above 1.0575.
The Euro faces a suitable resistance zone around 1.0630. A breakthrough above this level could pave the way for additional gains, potentially aiming for 1.0670.
On the flip side, immediate support lies at 1.0590, followed by the area between 1.0550 and 1.0560. Breaking below these levels would weaken the outlook, possibly testing 1.0520.
The daily chart of EUR/USD shows a lack of clear direction, indicating the pair might hover around the 20-day Simple Moving Average (SMA). However, surpassing the 55-SMA at 1.0675 could signal further potential for an uptrend.
On the 4-hour chart, the price remains above key SMAs, consolidating above 1.0600. Technical indicators lean towards an upward trend, albeit moderately convincing. There's a possibility of further gains in the upcoming Asian trading session, especially if the price stays above 1.0575.
The Euro faces a suitable resistance zone around 1.0630. A breakthrough above this level could pave the way for additional gains, potentially aiming for 1.0670.
On the flip side, immediate support lies at 1.0590, followed by the area between 1.0550 and 1.0560. Breaking below these levels would weaken the outlook, possibly testing 1.0520.
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