EUR/USD Pulls Back—Limited Room for Further Decline
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The EUR/USD currency pair is experiencing a technical pullback after struggling to break above the 1.0950 resistance zone. The pair is currently consolidating around the 1.0800 level, with key technical support and resistance levels identified. Upcoming economic events include preliminary Manufacturing and Services PMI data for the Eurozone and the United States.
March 24, 2025 | 3:00 am
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POSITIVE IMPACT
The technical pullback in EUR/USD could provide a short-term boost to the US Dollar, potentially benefiting the Invesco DB US Dollar Index Bullish Fund.
The technical analysis suggests a potential downward movement in EUR/USD, which typically implies a strengthening of the US Dollar. This could positively impact the UUP ETF, which tracks the performance of the US Dollar against a basket of major currencies.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70