EUR/USD is holding steady at 1.0850 at the start of Tuesday in the European trading session. The recent downturn of the US Dollar (USD) has pushed the EUR/USD exchange rate significantly higher, returning to the 1.0860 area at the beginning of the week. This is another evidence of the strong influence of the USD on the global market, as its fluctuations can cause major movements in the forex market.
Furthermore, based on technical analysis, the price is currently trading above the Simple Moving Average (SMA) lines, with the SMA 20 trending upwards. This indicates that the upward trend is likely to be maintained strongly.
However, it's important to remember that the market is always volatile and unexpected changes may occur. Therefore, closely monitoring and carefully evaluating new information and market developments are crucial to making well-rounded and effective trading decisions.
Furthermore, based on technical analysis, the price is currently trading above the Simple Moving Average (SMA) lines, with the SMA 20 trending upwards. This indicates that the upward trend is likely to be maintained strongly.
However, it's important to remember that the market is always volatile and unexpected changes may occur. Therefore, closely monitoring and carefully evaluating new information and market developments are crucial to making well-rounded and effective trading decisions.
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