EUR/USD Technical Analysis: Navigating Major Currency Resistance
Monday, 21 October 2024, 01:14
EUR/USD Market Insights
EUR/USD trades on the back foot to start the week, remaining in negative territory at around 1.0850 after closing in the green on Friday. This performance reflects a cautious sentiment among investors.
Technical Analysis Overview
The pair's near-term technical outlook suggests that buyers are struggling to gain momentum in the face of strong resistance levels. Key observations include:
- Resistance at 1.0900 remains unbroken.
- Support levels to watch are around 1.0800.
- Market volatility is anticipated as traders react to economic indicators.
Future Projections
As the week progresses, investors should closely monitor upcoming economic reports that could influence the direction of major currencies like EUR/USD.
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.