EUR/USD has recovered after an early sell-off due to news of an escalation in the conflict in the Middle East. Israel purportedly launched drones at Iran in retaliation for its April 13 attack. EUR/USD is consolidating in a downtrend. News reports of an escalation in the Middle East conflict had prompted a flight to the safe-haven US Dollar , with a resulting decline in EUR/USD.
EUR/USD Daily Chart The Relative Strength Index has exited oversold conditions, indicating renewed potential for more downside. A break below the 1.0601 April lows would post a lower low and give renewed confidence to bears. After that, the next concrete target is at 1.0446, the October 2023 low. Resistance at around 1.0700 will need to be overcome for bulls to reappear. In the case of a really bullish move, the April 2 swing low at 1.0725 provides the next upside target followed by 1.
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