The Weakening of the Dollar Creates an Uptrend in the EUR/USD Pair

The weakening of the dollar persists in response to the perceived dovish stance of the Federal Reserve's interest rate decision and subsequent communication. The announcement of a slowdown in quantitative tightening in June, along with Chair Powell's indication of no immediate interest rate hike and openness to a potential rate cut within the year, fueled an uptrend in the currency pair. As this upward movement continues, the initial resistance lies in the range of 1.0755-1.0770. Beyond this, the 200-day moving average at 1.0800 holds significance, with a sustained breach potentially leading to 1.0840. Conversely, the zone between 1.0680-1.0665 remains crucial support. A break below could trigger a test of the 1.0600 level, with further decline possible toward the 1.0560 range if momentum persists.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.0840	1.0800	1.0770	1.0665	1.0600	1.0560