The euro has not been able to hold above $1.167 as markets digest Washington talks on ending Russia’s war in Ukraine.
A bullish engulfing pattern recently appeared near the $1.167, suggesting potential upward momentum, but this has failed to materialise so far. We could see a further pullback towards $1.1630 and $1.1589.
NATO military leaders are scheduled to meet today to discuss security guarantees for Ukraine, focusing on potential peacekeeping roles and defense commitments.
If the price does manage to break above $1.167 with a strong bullish close, it may encounter the resistance zone at $1.1700 to $1.173. The volume profile shows a concentration of trading activity around the 1.1645.
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