EURUSD: Moving in red
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EURUSD continues its losing streak this week, with the price of this currency pair trading around the 1.081 level and struggling to find any significant support on the chart. The primarily influencing factors are market news and investor sentiment, along with the volatility of the USD.
The strengthening of the US dollar seems to have sparked some downward movement around EUR/USD, causing it to break through the 1.0850 level and start the week on a negative note.
In addition to the influence of the US dollar, market participants are approaching the upcoming FOMC meeting with caution. Furthermore, the release of the US Non-Farm Payrolls report at the end of the week is also fueling the cautious stability among market participants.
If sellers regain control, EUR/USD could potentially return to the lows around 1.07500 and possibly even 1.06675. These are two significant support levels to watch. Conversely, if conditions favor EURUSD, it could bounce back from those levels and move higher.
The strengthening of the US dollar seems to have sparked some downward movement around EUR/USD, causing it to break through the 1.0850 level and start the week on a negative note.
In addition to the influence of the US dollar, market participants are approaching the upcoming FOMC meeting with caution. Furthermore, the release of the US Non-Farm Payrolls report at the end of the week is also fueling the cautious stability among market participants.
If sellers regain control, EUR/USD could potentially return to the lows around 1.07500 and possibly even 1.06675. These are two significant support levels to watch. Conversely, if conditions favor EURUSD, it could bounce back from those levels and move higher.
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