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The Euro (EUR) is tracking slightly lower versus the US Dollar (USD), with losses reflecting the broader inroads made by the USD with the support of firmer US yields, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.
💡 DMK Insight
The Euro’s dip against the Dollar signals a shift in market sentiment as US yields strengthen. With the USD gaining traction, traders should keep an eye on the 1.05 support level for the EUR/USD pair. If it breaks, we could see further downside, potentially triggering stop-loss orders and adding to selling pressure. The current environment suggests that traders might want to consider short positions on the Euro, especially if US economic data continues to support higher yields. On the flip side, if the Euro manages to hold above 1.05, it could indicate a potential reversal, making it a key level to watch. Keep an eye on upcoming US economic reports that could influence yields and, consequently, the EUR/USD dynamics.
📮 Takeaway
Watch the 1.05 support level for EUR/USD; a break could lead to increased selling pressure on the Euro.
