EUR/USD: Downtrend Remains Dominant – Target 1.03068?
EUR/USD continues to maintain its downtrend as the price remains within a well-defined descending channel. Currently, it is testing the key resistance level at 1.04266, which aligns with the confluence of the 34 & 89 EMA, forming a strong barrier. If the price fails to break through this zone, it is likely to reverse and extend its decline.
The overall trend remains bearish, with a potential target at 1.03068. Sellers may capitalize on a retracement toward 1.04266 for short entries, placing stop-loss above 1.04426 to manage risk effectively. A breakout above the descending channel would require further confirmation before signaling a trend reversal.
Beyond technical factors, the Eurozone CPI report on March 3 will be a crucial event that could influence EUR/USD’s direction. If CPI data comes in higher than expected, the euro might find support. Conversely, weaker-than-expected inflation could reinforce the bearish trend.
The overall trend remains bearish, with a potential target at 1.03068. Sellers may capitalize on a retracement toward 1.04266 for short entries, placing stop-loss above 1.04426 to manage risk effectively. A breakout above the descending channel would require further confirmation before signaling a trend reversal.
Beyond technical factors, the Eurozone CPI report on March 3 will be a crucial event that could influence EUR/USD’s direction. If CPI data comes in higher than expected, the euro might find support. Conversely, weaker-than-expected inflation could reinforce the bearish trend.
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