EURUSDThe EUR/USD pair continues to trade below the 34 and 89 EMA levels, signaling a short-term bearish trend. Despite attempts at consolidation in recent sessions, the pair remains under pressure, weighed down by a stronger U.S. dollar, geopolitical uncertainty, and diverging monetary policies between the Federal Reserve (Fed) and the European Central Bank (ECB).
The U.S. dollar has extended its rally for the third consecutive day, with the Dollar Index (DXY) climbing past the 106.60 mark. This persistent strength has added significant downward pressure on EUR/USD, leaving the pair vulnerable to further declines as market dynamics unfold.
From a technical perspective, traders should focus on two key resistance levels. These areas could provide optimal entry points for positioning, with the primary targets set at well-defined support zones. Monitoring price action around these levels will be crucial to aligning strategies with the prevailing market trend.
Stay disciplined and vigilant as you navigate today’s trading opportunities. Wishing you success and profitable trades!
