Following a short-lasting recovery attempt during the European trading hours, EUR/USD lost its traction and closed the first trading day of the week in negative territory.
EUR/USD trades within a touching distance of 1.0600 early Tuesday. The pair remains technically oversold in the near term. Fed Chairman Powell will speak on economic outlook and policymaking later in the day. The pair struggles to stage a rebound and trades within a few pips of 1.0600 early Tuesday. Easing geopolitical tensions limited the US Dollar's upside in the first half of the day on Monday and helped EUR/USD edge higher.
0550 could be seen as next support before 1.0500 . Euro FAQs What is the Euro? The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day.
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