(MENAFN– Daily Forex)

The euro initially pulled back slightly during Friday’s trading session.

While we continue to see a lot of support below the 1.07 level, we see so much ahead of support that I think it will be difficult to break below here.

But I would also like to point out that Sunday It’s near the bottom of a broader consolidation range, and I think that makes it more of a buy on the bottom for short-term investors.

Long-term investors probably need to see some more convincing price action. So right now we’ll have to see how this plays out, but it certainly looks like a market with a lot of support near the 1.07 level. And then again, probably around 1.06 if we really keep going down. This will be a major support and problem area and so we will need to pay close attention to it.Best Forex Brokers1 Get Started 74% of retail CFD accounts lose money Interest Rates Remain a Key Factor All things being equal, EUR/USD, Fed’ A market that moves depending on the rising interest rates in America, despite the fact that Turkey continues to reduce interest rates. This shows that the bond market is starting to get a little out of control. And maybe that’s part of what’s going on. Remember, the US dollar is considered a safe currency, so you need to take this into account when you trade in this market. However, I think this is a situation where you prefer short-term bounces and signs of fatigue on the upside disappear. I am not aggressive at all in this market. And most of the time I use this as an indicator of how the US dollar will trade against just about anything. As is generally the case, if you use the US dollar correctly in the Forex world you will get most things right. EURUSD Chart from TradingView ready to trade EUR/USD
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