EUR/USD unlikely to gain traction while below 1.0830

EUR/USD has staged a modest rebound to the 1.08 area. Unless the pair manages to clear the 1.0830 resistance, sellers are likely to continue to dominate the pair's action.

1.0760 aligns as key near-term support for the euro

“Investors will keep a close on US T-bond yields. In case the 10-year yield rises above 3%, EUR/USD could come under renewed bearish pressure.”

“In order to extend its rebound, EUR/USD needs to clear the static level that seems to have formed at 1.0830. Above that level, the 1.0850/1.0860 area (50-period SMA, static level) aligns as the next hurdle ahead of 1.09 (static level, psychological level).”

“On the downside, key support is located at 1.0760 (static level, post-ECB low). If that level turns into resistance, 1.0730 (April 24, 2020, low) and 1.07 (psychological level) could be seen as the next bearish targets.”

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