Forex Analysis by Fawad Razaqzada covering: Euro US Dollar, US Dollar Japanese Yen, Gold Spot US Dollar, US Dollar Index Futures. Read Fawad Razaqzada's latest article on Investing.com
pair has struggled to find footing, trading below the $1.06 and vulnerable to further losses. Tuesday has been hit by latest escalation in Russia’s war against Ukraine, something which has also weighed on European shares.
Adding to the euro's challenges is its heavy dependence on external trade. China's economic struggles, driven by a property crisis and trade tariffs, are weighing heavily on European exports. Among the eurozone countries, Germany is particularly exposed due to its close trade links with China. With weak Chinese demand, the eurozone's growth outlook appears grim, reinforcing a bearish sentiment behind our EUR/USD forecast.
In terms of resistance levels to watch, as mentioned, the key short-term area to watch is now the old support zone of around 1.0590-1.0600. Above that area, 1.0650, 1.0700, and 1.0770 will come into focus.My still bearish EUR/USD forecast reflects a challenging environment for the euro and a strong dollar, owing to European economic uncertainty, the situation between Ukraine and Russia, and Trump’s pro-growth policies. Unless significant bullish catalysts emerge, the path to sub $1.
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