EUR/USD remains steady above 1.0900 at the beginning of the week, with investors closely monitoring developments in the Iran-Israel conflict. Despite the lack of major economic data releases on Monday, geopolitical tensions are causing caution in the markets.
In the last 7 days, the Euro (EUR) has shown weakness against several major currencies, including the New Zealand Dollar. This uncertainty in the currency market is reflected in EUR/USD’s technical analysis, where the pair’s direction remains unclear.
As an experienced investment manager, it’s important to note that if geopolitical tensions escalate further, the US Dollar (USD) may strengthen against its counterparts, affecting the movement of EUR/USD. However, a return of risk appetite could lead to a rise in the pair’s value.
EUR/USD Technical Analysis
The Relative Strength Index (RSI) indicator shows indecisiveness in EUR/USD’s movement on the 4-hour chart. Key support levels are at 1.0900, 1.0880-1.0870, and 1.0845, while resistance levels are at 1.0940, 1.0960, and 1.1000.
As a savvy investor, it’s essential to stay informed about the Eurozone and the factors influencing the Euro’s performance. Understanding the impact of economic data releases, inflation rates, and trade balances on the Euro can help you make informed investment decisions.
By keeping a close eye on geopolitical events, market sentiment, and technical analysis, you can navigate the complexities of the currency market and optimize your investment strategy for success.