EUR/USD Approaches Key Resistance Amidst Dollar Weakness
The EUR/USD pair continues its upward rally, reaching a three-month high around 1.0920 during Monday's Asian session. The pair appears poised to challenge immediate resistance at the major level of 1.0950, fueled by the weakening US Dollar (USD) as the Federal Reserve (Fed) is anticipated to conclude its interest rate-hike cycle.
Technical indicators support the ongoing upward momentum for the EUR/USD pair. The Relative Strength Index (RSI) on the H1 timeframe is in overbought territory with divergence, signaling a potential reversal. Our analysis suggests the likelihood of a bearish impulse and reversal around the current trading area.
Our preference
Below 1.1000 look for further downside with 1.0830 & 1.0780 as targets.
The EUR/USD pair continues its upward rally, reaching a three-month high around 1.0920 during Monday's Asian session. The pair appears poised to challenge immediate resistance at the major level of 1.0950, fueled by the weakening US Dollar (USD) as the Federal Reserve (Fed) is anticipated to conclude its interest rate-hike cycle.
Technical indicators support the ongoing upward momentum for the EUR/USD pair. The Relative Strength Index (RSI) on the H1 timeframe is in overbought territory with divergence, signaling a potential reversal. Our analysis suggests the likelihood of a bearish impulse and reversal around the current trading area.
Our preference
Below 1.1000 look for further downside with 1.0830 & 1.0780 as targets.
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