The EUR/USD pair remains capped under the 1.0600 psychological mark during the early European session on Friday. A rise in US Treasury bond yields and
EUR/USD holds below the 1.0600 barrier amid the risk-off mood. The key immediate resistance level for the pair is seen at 1.0600; 1.0560 acts as an initial support level. Relative Strength Index is in the 40-60 range, indicating non-directional movement. the escalating geopolitical tensions in the Middle East might boost the safe-haven asset demand like USD and act as a headwind for the major pair. EUR/USD currently trades near 1.0576, losing 0.06% for the day.
On the other hand, the 50-hour EMA at 1.0560 acts as an initial support level for EUR/USD. The critical support contention is located at 1.0523, representing a low of October 18 and a lower limit of the Bollinger Band. The next downside stop to watch is a round figure at 1.0500. A decisive break below the latter will see a drop to a low of October 4 at 1.0450. It’s worth noting that the Relative Strength Index is located in the 40-60 zone, suggesting a non-directional movement in the pair.
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