EUR/USD Rebounds in Asian Session, Eyes Key Resistance Levels Amid Central Bank Events
The EUR/USD pair shows signs of recovery during the Asian session on Tuesday, breaking a five-day losing streak and stalling its corrective
The EUR/USD pair shows signs of recovery during the Asian session on Tuesday, breaking a five-day losing streak and stalling its corrective slide from this week’s previous high in February 2022. However, the upward momentum lacks conviction as spot prices trade around the 1.1070-1.1075 region, with a modest increase of less than 0.10% for the day.
Key Factors Impacting EUR/USD
The US Dollar (USD) experiences a slight decline after a recent recovery from a 15-month low over the past five days. This offers some support to the EUR/USD pair. Nonetheless, traders are cautious and refrain from aggressive betting ahead of crucial central bank events this week, starting with the FOMC policy decision on Wednesday, followed by the European Central Bank (ECB) meeting on Thursday.
Technical Outlook for EUR/USD
The EUR/USD pair finds support near the 100-period Simple Moving Average (SMA) on the 4-hour chart, followed by the mid-1.1000s, which represents the 50% Fibonacci retracement level of the rally from the monthly swing low. A decisive break below this level could lead to further losses, potentially accelerating the slide towards the psychological mark of 1.1000 or the 61.8% Fibonacci level.
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