The EUR/USD pair failed to clear the 1.1650 resistance level, initiating a decline that broke through key support levels at 1.1620 and 1.1600. The pair is currently attempting to close above a major bearish trend line with resistance at 1.1595. Meanwhile, markets are evaluating a potential shift in Federal Reserve policy this week, which could trigger a recovery for the Euro.
The EUR/USD pair held flat at the week's end, recovering from a low of 1.1418 as markets digested the US Dollar's post-FOMC strength.
Read the full storyMarkets evaluate potential shifts in Federal Reserve policy this week as EUR/USD traders look for signs of a dovish pivot to counter recent bearish pressure.
The Euro is attempting to break a major bearish trend line at 1.1595 after holding above the 50% Fibonacci retracement level.
The Euro's failure to clear technical resistance triggered a fresh decline, pushing the pair below the critical 1.1600 psychological level.