EUR/USD Under Bearish Pressure, Awaiting U.S. Data for Direction

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EUR/USD remains in a downtrend on the 4-hour chart as prices continue to be rejected at the descending trendline and the EMA 34 (1.0512) and EMA 89 (1.0531). Selling pressure dominates with the formation of a "Lower Highs" pattern, signaling a potential continuation of the bearish momentum.

Currently, the pair is trading around 1.0510 but struggles to break through strong resistance at 1.0535. Failure to breach this level could see EUR/USD turn lower toward the 1.0450 - 1.0460 support zone, where the price previously found a bottom. This support will be a key level to watch; a break below it could drive the pair further down to 1.0400.

Meanwhile, weak economic data from the Eurozone shifts focus to significant U.S. releases, such as PMI and retail sales, along with the Fed’s outlook. If the U.S. dollar strengthens further, bearish pressure will intensify. Conversely, disappointing U.S. data may lift EUR/USD back to test the EMA 89. In the short term, traders should monitor price reactions at key levels and remain cautious of heightened volatility surrounding the upcoming economic reports.

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