EURUSD: Prices slide continuously
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EURUSD experienced a rapid price increase last week; however, it quickly underwent a corrective phase as it approached the sensitive resistance zone at 1.10. Sellers seemed determined to suppress any further price increases for this currency pair as both key support levels at 1.088 and 1.083 were broken.
The US dollar strengthened broadly on Monday. It started the week under pressure but made a strong recovery, supported by higher US bond yields following important economic reports. This poses a significant barrier to any future recovery for EURUSD. Instead, the price could continue to decline towards the defensive line at 1.075, potentially even reaching 1.070.
EURUSD experienced a rapid price increase last week; however, it quickly underwent a corrective phase as it approached the sensitive resistance zone at 1.10. Sellers seemed determined to suppress any further price increases for this currency pair as both key support levels at 1.088 and 1.083 were broken.
The US dollar strengthened broadly on Monday. It started the week under pressure but made a strong recovery, supported by higher US bond yields following important economic reports. This poses a significant barrier to any future recovery for EURUSD. Instead, the price could continue to decline towards the defensive line at 1.075, potentially even reaching 1.070.
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