EUR/USD tests 1.0500 level

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Source: Dukascopy Bank SA


The EUR/USD has reached its lowest price level since October 23rd. A further break below the support level of 1.0500 would indicate a new trading range, with resistance at 1.0500 and a potential price level of 0.9685.

Changes in politics have had a significant impact on the potential future trade between the Eurozone and the United States, considering the strong implications of President-elect Donald Trump's main objectives, which include addressing the trade balance deficit and maintaining the privilege of the world reserve currency status.

The RSI indicator suggests that the currency pair has been oversold for a while, and the probability of a reversal is slightly higher. However, the stronger demand for dollars continues to put pressure on the FX market for an extended period.
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