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The euro showed positive momentum against the US dollar yesterday, reaching a high of 1.0852. However, gains remained limited as the 1.0860 level acted as a strong resistance point, putting temporary pressure on the price. Additionally, the Stochastic indicator is exhibiting negative signals, suggesting a potential reversal. Despite this, the pair is holding above the crucial support level of 1.0790.
Outlook and Trading Strategy
We maintain a cautiously optimistic outlook, contingent on the pair’s ability to hold above 1.0790. If this support level holds, our initial target is 1.0860. A successful break above this level could trigger a surge towards 1.0920.
However, traders should remain vigilant as a close below 1.0790 could expose the pair to downside pressure, potentially leading to a decline towards 1.0745 and even 1.0685.
Important Note
Today’s release of high-impact U.S. economic data, including annual producer prices and basic monthly/annual producer prices excluding energy and food, could induce significant price volatility. Traders should exercise caution and closely monitor the market’s reaction to these data releases.
Key Levels
- Support: 1.0790
- Resistance: 1.0860
Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.
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