EUR/USD Testing Support, Awaiting Economic News
The RSI indicator is at 41.11, indicating that the market has not entered the oversold zone but shows potential for recovery. If the price holds above this support and breaks through the resistance at 1.11417, it is likely to continue rising towards the 1.12101 area.
However, important news such as the U.S. Manufacturing PMI and inflation data from the Eurozone will significantly impact the pair’s trend. If U.S. data underperforms, the USD could weaken, supporting further EUR/USD gains.
This is a sensitive time, and traders should closely monitor market developments to make informed decisions.
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