EUR/USD extended losses to near 1.0850 during the Asian session on Wednesday.
EUR/USD consolidates within the ascending triangle, indicating a bullish bias. The upper boundary of the ascending triangle and the psychological level of 1.0900 appear to be key resistance levels. The pair could test the lower boundary of the ascending triangle, followed by the 21-day EMA at 1.0815. The pair faces challenges as the US Dollar gains ground amidst emerging risk aversion sentiment, possibly triggered by hawkish remarks from Minneapolis Fed President Neel Kashkari.
Breaking above this level could lead the pair toward the region around the significant level of 1.0950, followed by a three-month high of 1.0981. On the downside, immediate support for the EUR/USD pair could be found at the lower boundary of the ascending triangle, followed by the 21-day Exponential Moving Average at 1.0815. A breach below the psychological level of 1.0800 might exert downward pressure, potentially navigating toward the area around the significant level of 1.0700.
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