EURUSD Faces Resistance, Downtrend Continues
Updated
The price is fluctuating around the EMA lines, with the EMA 34 above the EMA 89, signaling a short-term recovery but not strong enough to break the main downtrend.
A strong support level at 1.10300 has previously caused the price to bounce back. This is also the level that may be revisited if the downtrend continues.
The 1.1158 zone is a strong resistance. If the price fails to break through this area, the downtrend is likely to persist.
The RSI is at a neutral level, near 50, indicating that the market is balanced, with no signs of being overbought or oversold.
EURUSD could continue to decline towards the support level before retesting the resistance. If it fails to break the resistance, the downtrend may continue in the near future.
A strong support level at 1.10300 has previously caused the price to bounce back. This is also the level that may be revisited if the downtrend continues.
The 1.1158 zone is a strong resistance. If the price fails to break through this area, the downtrend is likely to persist.
The RSI is at a neutral level, near 50, indicating that the market is balanced, with no signs of being overbought or oversold.
EURUSD could continue to decline towards the support level before retesting the resistance. If it fails to break the resistance, the downtrend may continue in the near future.
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EUR/USD on September 9, 2024, is fluctuating around 1.1085 as the market awaits the ECB's interest rate decision on September 12. The trading range is between 1.1010 and 1.1113, with potential for larger moves after the Fed's decision on September 18.
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