EURUSD Is Still Bearish Whiel It Trades Below 1.07

24 Eki 2023

EURUSD had some nice bounce in the last 24 hours, back to 1.07 which is now acting as a very strong resistance. We also highlighted this one in our website here on TV. I would not be surprised if the pair comes down actually, bakc to 2023 lows since it's very hard to trust Monday flows, plus, we will rarely see directional moves ahead of key events the ECB this Thursday.
There are more and more speculations that ECB is done with rates, and that they will not raise this year anymore, which can certainly keep EURUSD pair in a downtrend. Technically we see 1.07 as an important resistance, at the same area of 50d SMA, while hourly time frame shows three waves up from the lows.

Grega