EUR/USD Faces Breakdown Risk Due to Middle East Tensions
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Tensions in the Middle East remain high, driving up safe-haven assets like the USD and weakening the Euro.
Currently, EUR/USD is trading within a descending triangle pattern, with a high likelihood of a breakout soon. The pair is hovering around $1.09772, close to the key support level at $1.09367.
The 34 and 89 EMA lines are positioned above the price, reinforcing the bearish trend, indicating sellers are still in control. If the support level fails to hold, a deeper decline could follow.
However, if buyers manage to push the price above the resistance at $1.10297, the market may see a short-term recovery.
Currently, EUR/USD is trading within a descending triangle pattern, with a high likelihood of a breakout soon. The pair is hovering around $1.09772, close to the key support level at $1.09367.
The 34 and 89 EMA lines are positioned above the price, reinforcing the bearish trend, indicating sellers are still in control. If the support level fails to hold, a deeper decline could follow.
However, if buyers manage to push the price above the resistance at $1.10297, the market may see a short-term recovery.
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