EUR/USD Steadies After Last Week’s 2021 Low
EUR/USD - H1
This week starts with improved sentiment, helped by better than expected economic data from China, which works against the US Dollar.
We will need to see though, if this upbeat mood will carry into the European session and help the pair's recovery effort, after Friday's fresh 2021 lows (1.1432). Positive sentiment can help it push for the EMA100 (1.1492-1.1500), but a catalyst will be required to pause the downward momentum and extend the recovery towards 1.1534.
EUR/USD finds support at the start of the day, but the risk off fresh lows towards 1.1401 is high and such move would expose it initially to 1.1370.
Looking at the broader picture, the pair had multiple daily closes below key 50% Fibonacci of the 2020 low-2021 high advance (1.1492) and that has opened the door for more weakness towards 61.8% (1.1290), although some correction may be needed before that.
Past Performance: Past Performance is not an indicator of future results.
Nikos Tzabouras
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. With extensive experience in market analysis and a strong foundation in international relations, he brings a unique perspective to financial markets. Nikos emphasizes not only technical analysis but also on fundamentals and the growing influence of geopolitics on financial trends.
As a Senior Financial Editorial Writer, he delivers comprehensive and forward-looking insights across a wide range of asset classes, including equities, commodities, and currencies. His work explores how macroeconomic events, political developments, and global policies impact market dynamics, providing readers with a deeper understanding of both short-term movements and long-term trends.
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