EURUSD : Will it continue to increase or decrease again ?
Updated
EURUSD is currently in a correction phase following an extended period of decline. The pair has reached a support zone near 1.0789, sparking some potential for a rebound.
From a bullish perspective, we might see EURUSD target key levels at 1.091 and possibly even reach the resistance at 1.096.
However, for this upward correction to gain traction, the bulls will need stronger confirmation to truly revive an uptrend. Technical and market sentiment factors still favor the bears, with a reversal signal from the 34 EMA and a newly formed resistance level emerging from a previously broken support zone, as highlighted on the chart.
These are my brief thoughts on EURUSD for now. Do you share the same view?
From a bullish perspective, we might see EURUSD target key levels at 1.091 and possibly even reach the resistance at 1.096.
However, for this upward correction to gain traction, the bulls will need stronger confirmation to truly revive an uptrend. Technical and market sentiment factors still favor the bears, with a reversal signal from the 34 EMA and a newly formed resistance level emerging from a previously broken support zone, as highlighted on the chart.
These are my brief thoughts on EURUSD for now. Do you share the same view?
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