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
EUR/USD Price Forecast: Remains sideways near 200-day EMA, ECB warns of high inflation
It's hard to see the EUR/USD finding much traction in the near term unless we get a genuine shift in tone from Tehran. At the moment, markets are being whipped around by every headline tied to the Iran situation.