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There is arguably just one to take note of on the day, as highlighted in bold below.That being for EUR/USD at the 1.1675 level. Well, the new day is seeing a big turn in broader market sentiment with a risk-off wave sweeping across here. That is putting the dollar in a good spot to start the day and will be the main driver of trading sentiment to close out the week.In the case of EUR/USD, the expiries won’t have much of a say as they don’t tie to any technical significance. Instead, the break of the 200-day moving average of 1.1681 is the bigger thing to note and that is driving further downside momentum for the pair currently. Before this, price action was very much stuck between that and the 1.1800 level since mid-April.So, the break of that range now allows for more scope to the downside and will exert a bigger influence than any pull factor from the expiries above.US-Iran headlines will continue to dominate proceedings otherwise, but that’s about it.For more information on how to use this data, you may refer to this post here.
This article was written by Justin Low at investinglive.com.
💡 DMK Insight
The EUR/USD at 1.1675 is a crucial level right now, especially with the risk-off sentiment gaining traction. A stronger dollar typically pressures the euro, and this shift could lead to a test of support levels. If the pair breaks below 1.1675, it could trigger further selling, pushing traders to reassess their positions. Keep an eye on broader economic indicators, like U.S. jobless claims or inflation data, as these could amplify the dollar’s strength. The market’s reaction to these figures could set the tone for the next few days, particularly for day traders looking for volatility. On the flip side, if the euro manages to hold above 1.1675, it could indicate resilience and possibly lead to a short squeeze. Watch for any news that could shift sentiment back towards risk-on, as that would be a key moment for traders to adjust their strategies accordingly.
📮 Takeaway
Monitor the EUR/USD at 1.1675 closely; a break below could signal further downside, while holding above may indicate potential for a rebound.
