EUR/USD Faces Resistance, Bearish Momentum Targets Demand Zone
EURUSD
- The price is currently below the resistance zone near 1.0915, which has acted as a pivot in recent movements. The pair remains in a downtrend, with previous highs indicating a double-top formation.
- If the price fails to break above 1.0915, the downtrend is likely to continue, with potential support around 1.0680.
- The demand zone around 1.0680 and the ascending trendline may provide strong support, potentially leading to a rebound.
Accurate Direction: - Bearish: As long as the price remains below 1.0915, the direction favors a continuation towards lower support levels.
- Bullish: A break above 1.0915 and sustained stability could signal a shift to bullish momentum, but this remains less likely in the current trend.
For now, the bias remains bearish, targeting the demand zone around 1.0680.
Key levels:
Pivot line: 1.0885
Support Lines: 1.0793, 1.0680, 1.0616
Resistance Lines: 1.0995, 1.1082, 1.1141
Trend Outlook:
Bearish while under 1.0915
Bullish By stability above 1.0915
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