Looking at the daily chart of EUR/USD, I see that the pair is moving within a clear bearish channel. Currently, the price is hovering around 1.0297, near the center line of the channel. The EMA 34 and EMA 89 are still sloping down, confirming the long-term downtrend. However, a small divergence at the support level suggests a potential short-term recovery.
It is worth noting that the price is testing a dynamic resistance zone, near the EMA 34, around 1.0300. If the price fails to break above this level, selling pressure could increase, dragging the price down to the 1.0200 area, or even the bottom of the channel around 1.0100. Conversely, if the price breaks above the EMA 34 and breaks the channel, the next target could be the 1.0400 area.
It is worth noting that the price is testing a dynamic resistance zone, near the EMA 34, around 1.0300. If the price fails to break above this level, selling pressure could increase, dragging the price down to the 1.0200 area, or even the bottom of the channel around 1.0100. Conversely, if the price breaks above the EMA 34 and breaks the channel, the next target could be the 1.0400 area.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.