EUR/USD faces key resistance at 1.0820 despite USD weakness
EUR/USD has gained 0.2% to reach 1.0810 during Friday's session, driven by broad-based US Dollar weakness. However, the pair appears unlikely to break through the key resistance level at 1.0820 (38.2% Fibonacci retracement of the 2022-2023 downtrend) in the near term. The bearish momentum in the greenback seems to have peaked, with the US Dollar Index (DXY) finding support at 102.50. The euro's upside remains capped by sluggish Eurozone economic data and cautious European Central Bank rhetoric. Traders should watch for a potential reversal if EUR/USD fails to close above 1.0820 on a daily basis. Immediate support is located at 1.0780 (5-day moving average), followed by 1.0750 (50% Fibonacci retracement).
Related Symbols:
EURUSD
DXY
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