EUR/USD Analysis: Joe Biden Steps Down, Financial Markets Stand Cautious
- US President Joe Biden steps down from presidential race
- Financial markets cautious, unable to find direction
- EUR/USD pressures recent lows, corrective slide losing steam
The EUR/USD pair trades around 1.0880, unchanged from Friday’s close. US President Joe Biden’s announcement of stepping down had little impact on markets. The US Dollar strengthened after an initial dip, with little significant economic data. European stocks show positivity, while Wall Street is set to open steady.
EUR/USD Technical Outlook
On the daily chart, the EUR/USD correction seems to be losing momentum. Indicators show a flat trend above moving averages, with the 20 SMA supporting a bullish sentiment. Near-term outlook on the 4-hour chart suggests a downside bias, with the 100 SMA acting as support around 1.0820.
Support levels: 1.0865, 1.0820, 1.0770
Resistance levels: 1.0910, 1.0945, 1.0990
Analysis: With Biden’s exit and market caution, EUR/USD remains in a tight range. Technical indicators suggest a potential downside, with key support at 1.0820. Traders should monitor political developments and market sentiment for potential trading opportunities.