EUR/USD: Testing Lows, Bearish Trend Holds
EUR/USD continues its downward trajectory, hitting daily lows near 1.0260 as robust U.S. data strengthens the dollar. Sellers remain dominant, with the pair unable to break above critical resistance levels.
On the daily chart, the lower Bollinger Band at 1.0270 provides temporary support, but the overall downtrend signals more potential downside. Resistance at 1.0395 has consistently held, likely inviting further selling pressure on any approach to this level. A decisive break below the 1.0217 support zone could pave the way for a deeper slide toward 1.0047.
Traders might short EUR/USD around 1.0395, targeting a pullback to 1.0217 or even 1.0047 if bearish momentum persists, with a stop-loss placed above 1.0420. Alternatively, consolidation above 1.0270 could offer short-term buying opportunities toward 1.0339, but caution is warranted.
With bearish sentiment prevailing, focus remains on U.S. economic data for further directional cues. Expect price action to stay range-bound between resistance and support until a breakout provides clarity. Adapt strategies accordingly to evolving market dynamics.
On the daily chart, the lower Bollinger Band at 1.0270 provides temporary support, but the overall downtrend signals more potential downside. Resistance at 1.0395 has consistently held, likely inviting further selling pressure on any approach to this level. A decisive break below the 1.0217 support zone could pave the way for a deeper slide toward 1.0047.
Traders might short EUR/USD around 1.0395, targeting a pullback to 1.0217 or even 1.0047 if bearish momentum persists, with a stop-loss placed above 1.0420. Alternatively, consolidation above 1.0270 could offer short-term buying opportunities toward 1.0339, but caution is warranted.
With bearish sentiment prevailing, focus remains on U.S. economic data for further directional cues. Expect price action to stay range-bound between resistance and support until a breakout provides clarity. Adapt strategies accordingly to evolving market dynamics.
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