The EUR/USD currency pair finished higher, thus breaking its three-day losing streak. Uni even went to the green on Monday morning during the EU trading session. The pair flirts with the 1.0850 handle, a significant turn compared to its recent path southward. Participants in the market are carefully watching this direction, which might be a signal of major foreign exchange market movements to come.
During Monday’s session, the EUR/USD currency pair showed strong signs of resilience, as it managed to stay in positive territory throughout the day. This represents a turnaround after a difficult stretch of net loss in the past three days. Today’s 1.0850 three-year high is key. As such, it provides a possible pivot point for traders and analysts searching for some signals of either a reversal or a continuation of the current downtrend.
The European session, like in the past, will be key for the EUR/USD. The major currency pair is finding support and building upside momentum around the 1.0850 threshold. This historic move has eyes from all over the world—the investor community, market watchers, etc—glued to Saudi Arabia. They want to know what’s causing this movement.
The EUR/USD hasn’t been doing so well lately. The way it’s trading so far in the European session suggests a short-lived cease-fire, at best, on this latest drop. As long as the currency pair continues to trade above the 1.0850 mark, outlook is bullish. This is fantastic news for anyone who cares to keep a close eye on its performance.