EUR/USD bullish struggles above 1.0700 supportDear traders! EURUSD is currently in a recovery phase with the bias towards a correction, receiving support at 1.0725. However, overcoming the 1.0900 resistance seems challenging and still on target.
Speaking of impactful news: the emerging economic recovery in the Eurozone, combined with the slowdown in the US economy, should bring some support to the pair.
Looking ahead, the next important event for this currency pair will be the release of US inflation figures tracked by CPI and the FOMC meeting, both scheduled to take place today .
On the new outlook for EURUSD: Upside momentum seems weak but I'm still pretty sure that upside momentum is still intact and there is a chance to fill the gap from Friday, in line with the strategy of opening positions and placing orders Our limits are as indicated on the chart.
However, traders should not bet too much on this pair as the price is still below the 1.0800 zone along with upcoming news that puts the market in a cautious state, which could have a negative impact major impact on the direction of this currency pair.