Image Source: PixabayThe EUR/USD pair experienced a mixed trading session on Monday, with some interesting technical developments that could shape its near-term direction.
Key Takeaways:
Possible Scenarios
If the EUR/USD manages to stabilize above 1.0705 today, we could see a bullish push targeting the 1.0765 to 1.0800 range.
Important Levels to Watch
Resistance levels:
Support levels:
What This Means for Traders
The current price action suggests that while the EUR/USD has experienced a short-term decline, the overall trend may still lean bullish. Traders should keep a close eye on how the pair behaves around the key support level of 1.0705. A bounce from this area could signal a resumption of the upward movement.However, it’s crucial to remain cautious and watch for any breaks below the significant support level at 1.0685, which could indicate a shift in the short-term trend.As always, it’s advisable to use proper risk management techniques and consider multiple timeframes and fundamental factors alongside this technical analysis.More By This Author:Dollar-Yen Hits 38-Year High: What’s Driving The Surge?Is A China-Taiwan Conflict Likely? Watch The Region’s Stock Market IndexesCrude Oil Downtrend Resumes After Breaking Key Support
