Play of the Day: EUR/USD’s Potential Resistance Area


If you read our last FX Weekly Recap, then you’ll know that EUR weakened partly because the European Central Bank (ECB) just emphasized the Euro Area’s growth risks and slowing inflation. Meanwhile, more ECB members are speaking for making interest rate cuts “sooner than later.”

On the other side of the EUR/USD fundamental consideration, the U.S. dollar started the week strong as traders sought the safe-haven amidst escalating Middle East tensions and uncertainty over this week’s potential market movers.

EUR/USD, which has been in a downtrend all month, recently hit the 1.0800 psychological handle that lines up with the S1 (1.0800) Pivot Point line. The pair has since pulled back since but the pair’s trend line resistance remains intact.


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