EUR/USD Struggles Near 1.1500 as 100-Day SMA Caps Recovery Attempts
The EUR/USD currency pair is under pressure as it hovers near the 1.1500 level, with the 100-day simple moving average (SMA) acting as a ceiling for its recovery attempts.
The 100-day SMA is a widely watched technical indicator that often serves as support or resistance. For EUR/USD, this moving average has emerged as a barrier, preventing the pair from extending its upward momentum.
Fundamentally, the euro's weakness is largely attributed to the relative strength of the US dollar, supported by expectations that the Federal Reserve will maintain higher interest rates for longer.
The European Central Bank has signaled a more cautious approach, while recent economic data from the eurozone shows signs of slowing growth, further weighing on the shared currency.