EUR/USD Price Update: Will the Dollar Rally Continue?
As the EUR/USD pair retreats, investors are keeping a close eye on the US Dollar’s recent surge. After hitting a year-to-date low, the Dollar Index (DYX) has seen a slight rebound, causing some profit-taking in the market. With upcoming data releases and earnings reports, caution is high among traders.
Key economic updates from both the Eurozone and the US, along with NVIDIA’s earnings report, are expected to impact market sentiment. While the EU’s M3 Money Supply figures fell short of expectations, the US saw a slight increase in MBA Mortgage Applications.
Technical Analysis: What to Expect Next
On the daily chart, EUR/USD shows signs of bearish momentum, but with limited downside potential. Despite a break below the 1.1100 mark, the pair is still well above key moving averages, indicating bullish sentiment. In the short term, a break below 1.1100 could lead to further selling pressure, but buyers may step in at lower levels.
Support Levels: 1.1100, 1.1065, 1.1020
Resistance Levels: 1.1150, 1.1190, 1.1240