EUR/USD Moves Up as US Dollar Gets Weaker
The EUR/USD pair started this week with a small rise. It went up by 0.20% and is now trading near 1.1420. This move comes after a small fall on Friday. The US dollar has become weaker, which is helping the euro go up again.
From a technical view, the pair showed strength by bouncing back from the 100-hour moving average on Friday. This is a good sign for buyers. The charts also show that the euro might go higher. The next target is between 1.1450 and 1.1455. If the price stays strong, it could even reach the important level of 1.1500. If it crosses this level, it may move toward 1.1550, and maybe even test the yearly high near 1.1575, which was last seen in April.
On the other hand, if the price falls, it may find support near 1.1370. If that level breaks, the price could drop to 1.1340 or even below 1.1300. A big fall could take the pair down to 1.1210, which was a strong level in May. If that happens, the market might turn negative for the euro.
Impact: If the US dollar stays weak, EUR/USD could possibly rise more. But if it breaks below 1.1370, it might start falling again.