Euro starts off new Week at key Support
Last week, the Euro weakened against the US Dollar, signaling that the broader technical bias for EUR/USD remains bullish. This is because on the daily chart, EUR/USD dropped to a short-term uptrend support line from late June. The latter held last week, sustaining the uptrend. The next key support level is placed at the 38.2% Fibonacci expansion at 1.1231.
Removing above this point would then open the door to highs from February 2022, forming a resistance zone between 1.1453 and 1.1495. In the event of a drop, the next significant support level appears to be 1.0834, the lowest point on July 6th. Additionally, the lowest level in April was 1.0635.
Removing above this point would then open the door to highs from February 2022, forming a resistance zone between 1.1453 and 1.1495. In the event of a drop, the next significant support level appears to be 1.0834, the lowest point on July 6th. Additionally, the lowest level in April was 1.0635.
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