EUR/USD Faces Resistance at 1.1800 Amid US Data Anticipation and Geopolitical Shifts

Key Facts

1The Euro broke above the triangle formation resistance to hit its first target at 1.8000 before facing resistance at 1.1800-35.

2Reports suggest Pakistan may announce the resumption of talks between Iran and the US, with Iran's finance minister Abbas Araghchi set to visit Pakistan.

The EUR/USD pair experienced significant price volatility throughout the week, touching a high of 1.17915 on Monday before retreating to approximately 1.16690 by Thursday. This price action occurred as the pair faced stiff technical resistance near the 1.1824 level, while the 1.1662 support remains a pivotal point for near-term direction. The pair eventually closed the week's trading at approximately 1.17170. Market participants continue to focus on upcoming US retail sales data and geopolitical reports regarding potential US-Iran diplomatic shifts. Overall, the market is balancing these recent price fluctuations against a broader neutral trend as it awaits clearer fundamental catalysts.

6 months ago

Version History

Version 36 months ago

What changed: The story was updated to include specific weekly price action data, including the Monday peak of 1.17915, the Thursday low near 1.16690, and the weekly close at 1.17170.

Version 26 months ago

What changed: Added specific technical Fibonacci retracement levels (1.1824) and a precise secondary support level (1.1662) to define the pair's technical path.

Version 16 months ago

What changed: Updated the story to include the Euro's recent 0.3% gain and the continued phase of technical neutrality in average price action.