The EUR/USD pair kicks off the new week on a subdued note and oscillates in a narrow trading band, around mid-1.0600s through the Asian session. Spot
The fundamental backdrop favours bearish traders and supports prospects for further losses.EUR/USD
pair kicks off the new week on a subdued note and oscillates in a narrow trading band, around mid-1.0600s through the Asian session. Spot prices, meanwhile, remain well within the striking distance of the lowest level since March touched last Friday and seem vulnerable to prolonging the downward trajectory witnessed over the past two months or so.
The US Dollar stands tall near a more than six-month peak and remains well supported by elevated US Treasury bond yields, bolstered by the Federal Reserve's hawkish outlook and the reduction in the expected number of rate cuts in 2024. The shared currency, on the other hand, is undermined by the European Central Bank's dovish rate decision last Thursday, which further contributes to keeping a lid on the EUR/USD pair.is reinforced by the fact that the downfall from the 1.
Hence, a subsequent slide towards the 1.0600 round figure, en route to the ascending channel support, currently pegged near the 1.0560-1.0555 region, looks like a distinct possibility. Some follow-through selling will mark a fresh bearish breakdown and set the stage for an extension of the EUR/USD pair's over a two-month-old downtrend.
On the flip side, any recovery beyond the 1.0670 area is likely to confront stiff resistance near the 1.0700 mark. This is followed by last week's swing high, around the 1.0735 region, which if cleared decisively could lift the EUR/USD pair towards challenging the 1.0780 hurdle, representing the top boundary of the aforementioned channel. A convincing breakout, leading to a subsequent move beyond the 1.
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