EUR/USD Outlook: Key Levels and Potential Bearish Continuation

6 Kas

The EUR/USD chart indicates a bearish outlook, with price currently trading below the pivot line at 1.07719.

Bearish Scenario: If the price remains below 1.07719, further declines are likely toward the support levels at 1.06164 and potentially down to 1.05444. A break below 1.05444 could see the price reaching the next support level at 1.03906.

Bullish Scenario: If the price manages to rise above the pivot line at 1.07719, it may aim for the resistance at 1.09156. A close above this level would suggest a shift toward bullish momentum, with the next target at 1.10050.

Key Levels:

Pivot Point: 1.07719
Resistance Levels: 1.09156, 1.10050
Support Levels: 1.06164, 1.05444, 1.03906

previous idea:

19 Kas

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Key Observations:

1.Resistance Levels:
The first resistance level is around 1.0680-1.0739, which aligns with a previous consolidation zone.
A breakout above this level could push the price towards the higher resistance at 1.0861.
Support Levels:

Immediate support is seen around 1.0544 (Pivot Line).
If the price breaks below this level, the next significant support lies at 1.0467, followed by 1.0390, indicating a bearish continuation.

2. Price Action:
The price appears to be consolidating near the pivot level (1.0544), suggesting indecision in the market.
A rejection from this level could result in a bullish correction towards the first resistance zone (1.0680-1.0739).

3. Potential Scenarios:
Bullish Scenario: If the price holds above 1.0544 (Pivot Line) and breaks above 1.0680, we could see a move towards 1.0739, with further potential to test 1.0861.
Bearish Scenario: If the price fails to hold 1.0544, a drop to the support levels at 1.0467 and possibly 1.0390 is likely.

4. Key Levels to Watch:
Resistance Zones: 1.0680, 1.0739, 1.0861
Support Zones: 1.0544 (Pivot), 1.0467, 1.0390

Conclusion:
The EUR/USD is at a critical pivot point near 1.0544. Traders should monitor for a breakout above 1.0680 for bullish confirmation or a breakdown below 1.0544 to confirm bearish momentum. A close above 1.0739 or below 1.0467 will likely determine the medium-term trend direction.