EUR/USD Price Forecast and Technical Analysis Amidst Major Trends
EUR/USD on a Downward Trajectory
The EUR/USD currency pair is currently holding lower ground, approaching 1.0950 as trading gets underway in the European session on Monday. Despite a risk-on mood prevailing in the market, the pair struggles to gain momentum due to the strong performance of the US Dollar, which is backed by robust US Nonfarm Payrolls data.
Key Technical Indicators
- Resistance levels are not holding, indicating a potential sell-off.
- Support around 1.0900 requires close observation.
- Momentum indicators suggest further declines could be on the cards.
Market Sentiment and Future Outlook
The market sentiment continues to favor the US Dollar, posing challenges for the euro. Analysts believe the analysis of majors and their performance against the dollar could lead to a deeper understanding of potential shifts in the EUR/USD forecast.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.