EURUSD drops 1.0500 amid geopolitical tensions

The EUR/USD is consolidating its decline near 1.0550, after retreating from a one-week high at the start of the Asian session on Monday. This currency pair has weakened due to increased demand for the US dollar as a safe haven following the recent military clashes between Palestine and Israel over the weekend.

A gap seems to have formed on the 4-hour timeframe, with price gaps identified fluctuating around 1.0577 - 1.0759. It is likely that today, EUR/USD will retest support at 1.0500 before rebounding with the aim of filling in the previous price gap, with an expected level of resistance around 1.0650.

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