EURUSD Recovery: Challenging the 1.0946 Resistance

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EURUSD is currently in a mild recovery phase, trading around 1.0582 after hitting a recent low at 1.05140—a significant support zone. While the recovery is underway, the EMA 34 and EMA 89 above the current price act as dynamic resistance, limiting upward momentum.

The nearest resistance at 1.0946 is a key target, but failure to break above this level may see EURUSD revisiting the support zone at 1.0514 or even dropping further.

The USD remains strong due to expectations that the Fed will maintain high interest rates, while weak economic data from Europe continues to undermine the EUR's position. Traders should closely monitor economic reports from both the US and Europe this week, especially inflation data, as these will play a critical role in determining the pair's next direction.

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