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EURUSD
EURUSD
EUR/USD Price Forecast: Struggles to extend advance above 1.1800
Key Takeaways (30s Read)
EUR/USD struggles to extend above 1.1800, posting a fresh weekly low around 1.1740.
The EUR/USD pair recorded a new weekly low near 1.1740 during the Asian trading session on Wednesday. The market attempted to rebound at this level but could not break above the psychological resistance at 1.1800. Moving forward, investors need to monitor U.S. economic indicators and central bank policy decisions closely. A breakthrough above 1.1800 could suggest further gains, but currently, a bearish trend persists. Thus, it's crucial to identify proper entry points while waiting for the next moves. Considering Fibonacci retracement and other technical indicators is also vital to stay attuned to market movements.
AI Analyst
AI Opinion
"In the current market environment, the EUR/USD pair faces significant psychological resistance at 1.1800. Without breaking this resistance, further upside appears challenging. The fresh weekly low of 1.1740 indicates an increase in bearish pressure. The market is poised for volatility around upcoming U.S. economic data releases. Particularly, if monetary policy changes are announced, sharp price movements are anticipated. It is essential to implement prudent risk management strategies to navigate these challenging conditions."
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