Euro vs US Dollar Technical Analysis
The Euro continued its downward trend on Tuesday, with uncertainty surrounding snap elections in Europe and the upcoming FOMC meeting on Wednesday putting the focus on the US dollar. Support is currently seen at the 1.07 level, with a short-term target in that range. Resistance is at 1.08, marking the top of the week’s gap and likely to attract price movement.
In the longer term, the Euro appears to be trading within a range of around 100 points. A significant drop below 1.07 could lead to further declines towards 1.0650 and 1.06. On the other hand, a break above 1.08 could target 1.09, as the Euro tends to gravitate towards key levels like these. The market may closely watch these levels, especially if there is significant options trading in that range.