Short

EUR/USD is intertwined with downward pressure, and the direction

EUR/USD has been in a consolidation phase recently, with prices fluctuating between a series of key levels, while bulls and bears are fiercely competing for market dominance.

Support and resistance analysis:

Resistance level: The current price is below the 1.0372 level, which is an important resistance area in the near future, and it also intersects with the downward trend line formed by the previous high of 1.0523. If the price cannot break through this area, it will continue to be under downward pressure.
Support level: 1.0243 and 1.0189 below are important short-term and medium-term support levels, respectively. These two points have played the role of key rebound trigger points many times in historical trends.
Pattern and trend interpretation: The recent trend shows multiple highs and lows, forming a wide range of shock channels. It is worth noting that the recent downward trend is more obvious, especially after encountering resistance near 1.0372, a lower high has appeared. The downward trend coincides with the Fibonacci retracement level, indicating that the market bearish sentiment has increased.

Potential trend forecast:

Short-term bearish: If the price continues to run below 1.0372 and falls below the current level, it is expected to further test the support area near 1.0300, and the downside target may extend to 1.0243 or even 1.0200.
Medium- to long-term rebound opportunities: If the price stabilizes above 1.0300 and breaks through 1.0372, it may rebound with a target of 1.0450 and above.

Trading strategy recommendations:

Short strategy: If the price remains below 1.0372, aggressive traders may consider trying to enter a short position at the current level, with a stop loss set above 1.0400, and targets at 1.0300 and 1.0243 respectively.
Long strategy: If the price rebounds and breaks through 1.0372, you can try a long position after a retracement confirmation, with a target set at 1.0450.
Risk control: In view of the fierce competition between long and short positions in the market, it is recommended to operate with a light position and pay close attention to the breakthrough or break of key points.
Summary: The current volatile trend of EUR/USD reflects the uncertainty of the market, but the trend is gradually leaning towards the short side. In the short term, pay attention to the attack and defense of 1.0372, which will determine the main direction in the next few days. Before the key support is broken, a rebound is still possible, but we need to be vigilant against sudden changes in the market.

RonPeter_Trading

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RonPeter_Trading

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