EUR/USD Faces Resistance Despite Bullish Momentum - LONG

The EUR/USD currency pair has encountered some resistance following its ascent above 1.1060 during the Asian trading session. The loss in upward momentum of the major currency pair has been attributed to a resurgence of the US Dollar Index (DXY). The USD Index has made a recovery after reaching a weekly low of 101.20. However, the possibility of a further downtrend is likely given the lack of supportive triggers.

Upon conducting technical analysis, the EUR/USD has demonstrated a strong bullish momentum with no observable signs of divergence or a double bottom pattern at present. As a result, our next target for the currency pair is projected to be 1.11000

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✅ Initial Idea