The EUR/USD pair began the new week with a slight positive signal, partially reversing Friday's dip to its lowest point in a week, just below the psychological level of 1.0500. Spot prices seemed to halt the extended two-day downtrend, although the absence of substantial data indicates a need for caution. EUR/USD dropped below 1.0570 (Simple Moving Average 100 periods, Fibonacci retracement level of 23.6% from the latest downward trend) and the Relative Strength Index (RSI) on the 4-hour chart fell below 50, indicating a short-term bearish trend.
If EUR/USD rises above 1.0570 and establishes it as support, the pair could gain momentum, aiming for 1.0600 (psychological level) and 1.0640-1.0650 (Fibonacci retracement level of 38.2%, SMA 200 periods).
On the other hand, support levels lie at 1.0500 (psychological level) and 1.0450 (recent downtrend low) if 1.0570 continues to hold.
In summary, EUR/USD shows signs of mild positivity around 1.0500, but the market remains cautious due to limited data. The pair's movement above or below key levels like 1.0570 will likely determine its short-term trajectory. Traders are advised to monitor these levels closely for potential trading opportunities.
If EUR/USD rises above 1.0570 and establishes it as support, the pair could gain momentum, aiming for 1.0600 (psychological level) and 1.0640-1.0650 (Fibonacci retracement level of 38.2%, SMA 200 periods).
On the other hand, support levels lie at 1.0500 (psychological level) and 1.0450 (recent downtrend low) if 1.0570 continues to hold.
In summary, EUR/USD shows signs of mild positivity around 1.0500, but the market remains cautious due to limited data. The pair's movement above or below key levels like 1.0570 will likely determine its short-term trajectory. Traders are advised to monitor these levels closely for potential trading opportunities.
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