According to Investing.com, the EUR/USD exchange rate fell and remains around 1.07 despite the appreciation of the US dollar.

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©Reuters

The pair fell during the US session on Tuesday, holding around the 1.0700 level as buyer interest faded. The rate initially strengthened but weakened as the dollar recovered, supported by a 1.5% rise in the U.S. 10-year Treasury yield after a sharp decline.

The dollar stabilized on cautious market sentiment after a separate meeting of the United Nations Security Council to resolve the conflict failed and Israeli Prime Minister Benjamin Netanyahu insisted on a comprehensive ceasefire until Hamas releases all hostages. Market participants are now awaiting insights from Federal Reserve policymakers. Any conflict with policy rates, which are expected to remain unchanged in December, could further strengthen the U.S. dollar and have a negative impact on EUR/USD.

EUR/USD weakened after German data showed monthly industrial output fell 1.4% in September. Technical analysis of the 4-hour chart using simple moving averages (SMA) and 20-period Fibonacci retracements identifies the main pivot point for EUR/USD at 1.0700.

EUR/USD fell from a peak at 1.0750 to below 1.0700 as selling pressure increased and could extend to temporary resistance at the 55-day moving average near 1.0650. The negative outlook remains as it lies below the 200-day moving average at 1.0804, last seen at 1.0669 (-0.48% daily change).

The previous day’s high was 1.0756, the low was 1.0718, and the daily Fibonacci levels were 38.2% (1.0732) and 61.8% (1.0742). The daily pivot points are S1 (1.0706), R1 (1.0745), R2 (1.077) and S2 (1.0693). The high and low of the previous week were 1.0747 and 1.0517, and the high and low of the previous month were 1.0695 and 1.0448 respectively. The main daily SMAs are: SMA20 (1.0595), SMA50 (1.0636), SMA100 (1.0805) and SMA200 (1.0806).

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