EUR/USD: The pair remains on consolidation mode, but risk of 1.0600 collapsing remains on the table

Vasilis Tsaprounis Independent Analyst

The single European currency is trading near the 1,0650 levels having reacted slightly after being temporarily pressured in the early hours of Friday in the wake of Israel's limited-range attack on Iranian soil.

Τhe European currency found itself again a breath away from the level of 1,06 which, however, so far has not managed to break it.

The behavior of the exchange rate during yesterday's day confirmed my thought as expressed in yesterday's article as indeed the European currency was once again put into question and could not break the 1,07 level upwards.

But on the other hand, the European currency maintains significant resistance and although there are several catalysts on the table that currently favor the US currency, the euro does not seem willing to suffer major losses without a fight.

The stocks barometer index S&P suffered further losses and was well below 5,000 in the early morning hours as the Israel attack unfolded and risk aversion remains on the minds of many investors.

Today's agenda is quite poor and unless there are some special developments mainly on the geopolitical board the exchange rate is likely to remain in a narrow range of fluctuation.

The euro can keep trying to recover further but breaking the 1,07 level relatively easily and stay above it will be a tough task, while on the other hand even though the 1,06 level looks to be the next challenge, the USD may struggle to make it today.

Author

Vasilis Tsaprounis

Independent Analyst

Vassilis Tsaprounis possesses over 25 years of professional experience in Capital Markets and especially in the foreign exchange market.

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