EURUSD: Downward Pressure Dominates
EURUSD is currently trading around 1.04836, remaining in a downtrend defined by the main descending trendline. The EMA 34 and EMA 89 are acting as strong resistance levels, blocking any recovery attempts by the currency pair.
Based on the chart, the resistance zone at 1.05344 is a critical level that needs to be broken to confirm bullish signals. However, with reports from BCA suggesting that the recovery of the Euro and European equities might soon come to an end, the likelihood of increased downward pressure is high. If the price fails to hold above this zone, EURUSD may return to test the support near 1.03844, which has proven to be a solid support area in the past.
Should selling pressure persist, a break below 1.03844 could push the price lower towards the support zone around 1.03000. Traders are advised to closely monitor price action at these resistance and support levels to adjust their trading strategies accordingly.
Based on the chart, the resistance zone at 1.05344 is a critical level that needs to be broken to confirm bullish signals. However, with reports from BCA suggesting that the recovery of the Euro and European equities might soon come to an end, the likelihood of increased downward pressure is high. If the price fails to hold above this zone, EURUSD may return to test the support near 1.03844, which has proven to be a solid support area in the past.
Should selling pressure persist, a break below 1.03844 could push the price lower towards the support zone around 1.03000. Traders are advised to closely monitor price action at these resistance and support levels to adjust their trading strategies accordingly.
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