$EURUSD Forecast: $EUR needs to stabilize above 1.0760 for sellers to take a break by eren_fxstreet forex trading
The pair needs to flip 1.0760 into support to extend its rebound.has slumped to its weakest level in more than two years at 1.0706 early Monday despite having opened with a bullish gap. Although the pair managed to erase a small portion of its daily losses, it continues to trade deep in negative territory amid the risk-averse market environment. 1.0760 aligns as a key resistance in the near term and sellers may move to the sidelines if the pair stabilizes above that level.
Investors continue to seek refuge amid heightened fears over a global economic slowdown. Major central banks remain on track to tighten their policies despite the worsening growth outlook amid the coronavirus-related lockdowns in China and the ongoing Russia-Ukraine conflict. The Euro Stoxx 600 Index is down 1.7% early Monday and US stock index futures are losing between 0.6% and 0.7%.
1.0750 aligns as the first hurdle. In case the pair rises above that level and starts using it as support, it could extend its correction toward 1.0800 and 1.0820 . Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
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