Technical Analysis: EUR/USD Downtrend Strengthens Near 1.0830
The EUR/USD pair continues to experience declines, edging closer to the 1.0830 level during Friday's Asian trading session. Meanwhile, the USD remains stable, supported by market caution, although it faces the risk of being impacted by escalating geopolitical tensions in the Middle East.
On the technical chart, the Simple Moving Average SMA 20 is trending downwards and is expected to intersect and cross below SMA 50, indicating that the downtrend is being reinforced. However, the possibility of a price rally cannot be ruled out. The Relative Strength Index (RSI) is currently hovering around the 50 level, and if prices remain within this range and rise above the 55 mark, it would signal a potential short-term uptrend.
On the technical chart, the Simple Moving Average SMA 20 is trending downwards and is expected to intersect and cross below SMA 50, indicating that the downtrend is being reinforced. However, the possibility of a price rally cannot be ruled out. The Relative Strength Index (RSI) is currently hovering around the 50 level, and if prices remain within this range and rise above the 55 mark, it would signal a potential short-term uptrend.
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