The Euro hit a rebound as prices still facing resistance at 1.1655. As we see from the chart and if prices hold below the said resistance, the pressure will still affect the market for a further drop towards 1.1400.
EURUSD on the comeback trail The Euro bounced back after weeks of declines, sending the pair to multi-month lows. As the RSI developed a bullish divergence, prices reversed the trend, moving away from the 1.1515 bottom as more buyers entered the market.
EUR/USD: Support holds as Oil shock reprices rates – ING
Intraday in EUR/USD is turned neutral again with current recovery, and more consolidations would be seen above 1.1506. Still, outlook stays bearish with 1.1740 support turned resistance intact.
EUR/USD declines to near 1.1600 amid Middle East war
EUR/USD softens below 1.1650 as Middle East turmoil boosts US Dollar
Late in the US session Monday, President Donald Trump suggested the war against Iran was already nearing completion, claiming Washington was well ahead of the four-to-five week timeline initially outlined. The comments came despite the conflict still ongoing and the Strait of Hormuz effectively shut, but that didn't stop markets reacting in predictable fashion.
At the start of the trading week, EUR/USD initially showed a decline of nearly 1.00%. However, the move soon began to reverse in the short term, and the pair has since entered a phase of consistent short-term neutrality.
EUR/USD steadies as markets reassess ECB and Fed outlook amid Oil surge
EUR/USD: Sentiment pressure and fragile support – Scotiabank
Ultimately, as long as we continue to see war headlines, there are going to be a lot of moves in various markets.
Rather than easing over the weekend, tensions in the Middle East intensified, and that caused oil to gap sharply higher and stocks and EUR/USD lower. The moves have since unwound a little as investors price in the possibility of a coordinated emergency release of oil reserves by major economies.