EUR/USD Holding Lower-Highs Long-Term, So Far - Big Week
While GBP/USD has jumped to another fresh two-year-high, EUR/USD doesn't look as convinced. The pair continued the rally from 1.1000 last week but notably, bulls couldn't force a re-test of the prior 2024 high at 1.1200, with last week's highs holding around 1.1175.
Interestingly the ECB remains in a somewhat dovish position as they're looking to cut rates, as well. But the rate cut rally after the ECB's softening two weeks ago is still priced-in the pair and that sets up for a really big week ahead for the single currency.
For resistance, the 1.1200 level is somewhat obvious and above that is the 2023 high at 1.1275, which printed right at the 61.8% retracement of the 2021-2022 major move.
The 1.1140 level remains of interest as this was the December 2023 swing high that showed as resistance-turned-support last week.
If sellers can force a push - I'm tracking shorter-term supports at 1.1081, 1.1055, 1.1000 and then the Fibonacci level at 1.0943. - js
Interestingly the ECB remains in a somewhat dovish position as they're looking to cut rates, as well. But the rate cut rally after the ECB's softening two weeks ago is still priced-in the pair and that sets up for a really big week ahead for the single currency.
For resistance, the 1.1200 level is somewhat obvious and above that is the 2023 high at 1.1275, which printed right at the 61.8% retracement of the 2021-2022 major move.
The 1.1140 level remains of interest as this was the December 2023 swing high that showed as resistance-turned-support last week.
If sellers can force a push - I'm tracking shorter-term supports at 1.1081, 1.1055, 1.1000 and then the Fibonacci level at 1.0943. - js
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