EUR/USD: Still no clear direction...

KEY CHART ELEMENTS
The geopolitical situation is still weighing on investor morale and limiting initiatives. Following an explosion in a Gaza hospital, which Israel and the Palestinians blamed on each other, Jordan cancelled a summit at which US President Biden was due to meet the Jordanian and Egyptian leaders, as well as Mahmoud Abbas, the President of the Palestinian Authority. Traders will therefore be keeping a close eye on the negotiations in the region, while keeping a close eye on macroeconomic statistics. In the meantime, the European currency is likely to remain neutral in its range, awaiting a substantial catalyst.

MEDIUM-TERM FORECAST
In view of the key chart factors we have mentioned, our medium-term view on the EUR/USD is neutral.

We will maintain this neutral view as long as the EUR/USD is positioned between support at $1.0550 and resistance at $1.0693.