EUR/USD: Bearish Momentum Continues with Key Levels in Focus
EUR/USD Technical Analysis
- Trend Analysis:
- The daily chart shows a clear downtrend, with stability in the bearish volume, indicating persistent bearish momentum.
- Recent price action has been moving downward, suggesting continued selling pressure. - Current Outlook:
The price will continue to trade in a bearish trend as long as it remains below 1.0707 and 1.0745, targeting 1.0616. The EUR/USD is expected to consolidate between 1.0616 and 1.0707 until a breakout occurs. - Bearish Scenario:
As long as the price trades below the pivot zone, it is expected to drop to 1.0616. A break below this level could lead to the next bearish target at 1.0505. - Bullish Scenario:
For an uptrend to be established, the price must reverse and stabilize above the pivot zone, targeting 1.0796 and then 1.0853. - Key Levels:- Pivot Line: 1.0710
- Support Levels: 1.0620, 1.0505, 1.0400
- Resistance Levels: 1.0796, 1.0850, 1.0915 - Expected Trading Range:
The price is anticipated to move between the resistance at 1.0745 and the support at 1.0615.
In summary, maintaining a position below 1.0707 supports a bearish outlook, with further declines likely. Conversely, breaking above the pivot zone could signal a shift to a bullish trend, targeting higher resistance levels.
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