EUR/USD struggles to extend Monday’s recovery above the immediate resistance of 1.0600 and edges lower in Tuesday’s European session.
EUR/USD faces resistance near 1.0600 on Tuesday as investors see more upside in the US Dollar. The focus of ECB officials turns toward preserving growth rather than taming price pressures. Trump’s policies are expected to boost US inflation and economic growth. It appears that the recovery from the yearly low around 1.
Business sentiment is also expected to have improved as Trump is confirmed to return to administration. Technical Analysis: EUR/USD sees resistance near 1.0600 EUR/USD bounced back from the key support of 1.0500 last week but struggles to extend recovery above 1.0600 on Tuesday. The outlook of the major currency pair remains bearish as all short- to long-term Exponential Moving Averages are declining. The 14-day Relative Strength Index oscillates in the bearish range of 20.00-40.
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