Euro May Undergo Minor Corrective Pullback Vs. Dollar, Chart Shows -- Market Talk

Dow Jones
03-07

0215 GMT - The euro may undergo a minor corrective pullback against the dollar, based on the daily chart, Oanda's Kelvin Wong says in an email. The currency pair's three-month rally has reached an overbought condition as shown by its daily relative strength index, the senior market analyst says. Also, EUR/USD is coming close to a former major ascending trendline support from October 2023 which now turns into resistance at 1.0885-1.0940 area, the analyst says. Initial support would be the 200-day moving average which is at 1.0730, followed by key medium-term pivotal support at 1.0600, Wong adds. EUR/USD edges 0.1% higher to 1.0793. (ronnie.harui@wsj.com)

 

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March 06, 2025 21:15 ET (02:15 GMT)

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