Forex Analysis by Investing.com (Damian Nowiszewski) covering: Euro US Dollar, US Dollar Index Futures. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com
EUR/USD faces downward pressure with a break below 1.06 potentially signaling new lows for the year.Key support levels at 1.06 and 1.05 are in focus for EUR/USD traders as political and economic factors play out.
In a worst-case scenario, the US could impose 60% tariffs on Chinese goods and at least 10% on other imports. As of now, Republicans lead with 214 seats, compared to 204 for the Democrats. A majority of 218 is needed, so traders will be closely watching the outcome in the coming days, as it could significantly influence market sentiment.EUR/USD has been in a strong downtrend recently, with the pair edging closer to the 1.06 support zone.
In short, EUR/USD traders should keep an eye on the upcoming inflation data, the political landscape in the US, and potential technical breakdowns. These factors could set the stage for further US dollar strength.This article is for informational purposes only. It is not intended as a solicitation, offer, advice, or recommendation to purchase any asset.
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