Can EURUSD test 1.05 again

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The EURUSD is the most traded currency pair globally. It is currently experiencing significant volatility. From a technical perspective , the pair has been oscillating within a well-defined range, with key support and resistance levels clearly visible on the daily chart.

Euro/Usd movement is influenced by a confluence of factors. On the fundamental side, the divergence in monetary policies between the European Central Bank (ECB) and the Federal Reserve is a key driver. The ECB’s dovish stance contrasts with the Fed’s hawkish tilt, putting downward pressure on the Euro.

Recent data shows a robust US economy, strengthening the Dollar. The Initial Jobless Data came at 220 K which was below expectation. The Non-farm Payroll data was at 199K which was above expectation. However,  escalating  tensions in  Eastern  Europe  could  trigger  risk-off sentiment,  benefitting  the  safe-haven  Dollar.

Looking into EURUSD chart, 1.0650 is strong support area. It need to break below that to make further move towards 1.05. The resistance level is at 1.0950-1.1.050. However till the pair is below its resistance area it can try to test the low.

In conclusion, trading EURUSD requires a careful analysis of both technical and fundamental economic indicators. Traders should stay abreast of economic news and geopolitical developments that could impact the pair.

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