The Euro/US Dollar (EUR/USD) continues to face downward pressure, staying below the 1.0850 level, as tensions escalate in the Middle East geopolitics.

In Asian trading on Monday, the Euro/US Dollar (EUR/USD) is trading defensively, remaining below the 1.0850 level. The pair’s negative sentiment is bolstered by increased demand for the US Dollar, driven by escalating geopolitical tensions in the Middle East. Investors are apprehensive as they approach a significant week. 

The pivotal support is marked by the Fibonacci 50% retracement level of the October-December uptrend. A breach below this level, coupled with its transformation into resistance, may indicate a move towards 1.0740 (a static level) before potentially reaching 1.0700 (a psychological level and Fibonacci 61.8% retracement).

Conversely, on the upside, immediate resistance lies at 1.0830 (formerly a support and a static level), followed by 1.0865 (Fibonacci 38.2% retracement) and 1.0900 (a psychological level and static level).

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