EUR/USD extends losses as geopolitical risks keep USD firmly bid
After a jarring sell-off drove EUR/USD from above 1.2000 to below 1.1500, there's been an almost eerie sense of quiet over the past two weeks. At this stage the pair can be approached in either direction depending on time frame and vantage point and there's a valid case for both bulls and bears with a seeming overhang from the ongoing conflict in the Middle East.
Rising oil prices, triggered by Iran's rejection of Donald Trump's 15-point plan, have sent the EURUSD lower. Tehran does not consider itself to have lost the war and is putting forward its own demands.
THE Euro managed to hold trades inside a trading zone as expected last week. Prices still face pressure towards the 1.1200 zone with resistances at 1.1655.
EUR/USD holds losses near 1.1550 amid fading hopes of a US-Iran peace deal
EUR/USD: Downside bias within broad range – UOB
EUR/USD: Rally vulnerable without Gulf de-escalation – ING
The EUR/USD exchange rate pulled back slightly even after Christine Lagarde opened doors for interest rate hikes by the European Central Bank (ECB). It was trading at 1.1560, a few points below this week's high of 1.1630.
EUR/USD Price Forecast: 200-period EMA to act as key barrier amid Middle East conflicts
EUR/USD steadies above 1.1550 amid US-Iran diplomatic efforts
EURUSD currency pair recently reversed from the resistance area between the resistance level 1.1635 (former support from January), resistance trendline of the daily down channel from January and 38.2% Fibonacci correction of the downward impulse from January.
EUR/USD under pressure as Iran pushes back against US ceasefire proposal