Near-term technical outlook points to a buildup of bearish momentum.After having managed to post small gains in the last three trading days of the previous week,has turned south early Monday and declined below parity. The near-term technical outlook shows that buyers remain hesitant. In the absence of high-tier macroeconomic data releases, the risk perception could influence the pair's action in the second half of the day.
Heightened fears over a global recession and escalating geopolitical tensions weigh on market mood early Monday. Over the weekend, US President Joe Biden said the US military would defend Taiwan in the event of an invasion by China. In response to this statement, China’s Foreign Ministry said on Monday that Beijing “deplores and firmly opposes this and has lodged stern representations.”
0.9950 aligns as initial support. If this level turns into resistance, EUR/USD could slide toward 0.9900 and 0.9865 . Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
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