Forex Market Analysis
The U.S. dollar remains steady as traders await key inflation data and central bank signals. EUR/USD faces resistance near 1.09, while GBP/USD struggles to hold above 1.27 amid weak UK growth outlook. The Japanese yen stays under pressure, with USD/JPY testing higher levels due to yield differentials. Commodity currencies like AUD and CAD trade cautiously, influenced by global risk sentiment and energy prices.
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Support and Resistance in Forex
Support and resistance are key levels where price reacts strongly.
Support: A price level where demand is strong enough to stop the market from falling further. Traders look for buy opportunities here.
Resistance: A price level where selling pressure prevents price from rising higher. Traders often look for sell opportunities here.