EURUSD : Upside potential seems limited

Hello dear friends, let's explore the EU today with Selena!

EUR/USD is currently struggling to find a strong direction and oscillating within a narrow range of 1.056 on Monday. The acceptance of risk weakening the safe haven status of the USD and supporting this currency pair. The expectations of the ECB continuing to raise interest rates may no longer weaken the Euro, causing it to continue to decline.

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What do you think about the market this week?

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In case EUR/USD returns below 1.0550 and starts using that level as resistance, 1.0500 (psychological level, static level) could be set as the next bearish target.

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the Greenback appears to have regained composure and lifts the USD Index (DXY) back to the 106.50 region amidst the broad-based sour sentiment in the risk-linked complex, while a small uptick in US yields across different timeframes also contributes to the upbeat mood in the Dollar.

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The depreciated EUR USD is currently trading at a low of 1.046, down 0.09 % on the day

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The EUR/USD lost over a hundred pips on Monday, resuming the downside that started on Friday's American session, dropping below 1.0500 to hit multi-month lows. The pair remains under pressure after the short-lived rebound.

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Support levels: 1.0455 1.0410 1.0375

Resistance levels: 1.0495 1.0540 1.0590

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eurod continues its downward journey, currently at 1,046

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