EUR/USD Pressured at 1.0820 as Dollar Gains on Iran-Israel Tensions
EUR/USD declined 0.5% to 1.0820 during European trading hours as the US dollar strengthened across the board amid escalating Middle East tensions. The pair broke below key support at 1.0850, triggering further selling pressure as risk aversion dominated market sentiment. European equities fell 1.2% while US index futures showed mixed performance. The dollar index rose to 106.35, its highest level in two weeks, supported by safe-haven flows despite geopolitical uncertainties. ECB officials remained silent ahead of Thursday's policy meeting, where markets expect no change to the 3.75% deposit rate. Technical indicators show EUR/USD approaching oversold conditions on the hourly chart, with immediate support at 1.0800 psychological level. Resistance now sits at the broken 1.0850 level. Traders are closely monitoring oil prices and any diplomatic developments, as further escalation could push EUR/USD toward the 1.0750 June low.
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