Will EURUSD continue to fall deeply?
Updated
Hello everyone, let's ponder over the movement of EURUSD this week: will it rise or fall? Here are some insights and analyses from Karina on this currency pair.
Observing the chart, it appears that the long-term upward trend of EURUSD is showing signs of weakening, especially since it started declining from a peak near 1.111. The trend seems to be shifting to a sideways movement and might further decrease, particularly as the RSI indicator and candlestick patterns are showing divergence, indicating a diminishing buying strength.
Moreover, the recent weakness of the US Dollar (USD) at the end of the week hasn't provided any significant momentum to EUR/USD, even adding more downward pressure on this currency pair.
Based on these signs, Karina sets a target and expects that EURUSD might fall to the support level of 1.076. What are your thoughts on this trend?
Observing the chart, it appears that the long-term upward trend of EURUSD is showing signs of weakening, especially since it started declining from a peak near 1.111. The trend seems to be shifting to a sideways movement and might further decrease, particularly as the RSI indicator and candlestick patterns are showing divergence, indicating a diminishing buying strength.
Moreover, the recent weakness of the US Dollar (USD) at the end of the week hasn't provided any significant momentum to EUR/USD, even adding more downward pressure on this currency pair.
Based on these signs, Karina sets a target and expects that EURUSD might fall to the support level of 1.076. What are your thoughts on this trend?
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