EUR/USD: bearish outlook
Updated
Technical analysis:
The EUR/USD currency pair has recently broken below the key level of 1.09, indicating a potential continuation of the downward trend. However, a correction to retest the broken level is likely before further downside movement. Traders should monitor the price action around the nearest resistance at 1.09 for potential selling opportunities. Strong pivot levels at 1.08 and 1.07 serve as downside targets if the price continues to decline. Another scenario to consider is a double top pattern formation if the price reaches 1.05, indicating a possible extended downside move. Traders should employ risk management strategies and consider other technical indicators and fundamental factors to make informed trading decisions.
EURUSD
"Stay disciplined and patient"
"Keep analysis simple and concise"
"Have a risk management strategy"
"Trade with a clear mind"
The EUR/USD currency pair has recently broken below the key level of 1.09, indicating a potential continuation of the downward trend. However, a correction to retest the broken level is likely before further downside movement. Traders should monitor the price action around the nearest resistance at 1.09 for potential selling opportunities. Strong pivot levels at 1.08 and 1.07 serve as downside targets if the price continues to decline. Another scenario to consider is a double top pattern formation if the price reaches 1.05, indicating a possible extended downside move. Traders should employ risk management strategies and consider other technical indicators and fundamental factors to make informed trading decisions.
EURUSD "Stay disciplined and patient"
"Keep analysis simple and concise"
"Have a risk management strategy"
"Trade with a clear mind"
Note
TP 1 reachedNote
"After the retracement, the price shall continue to follow the bearish trend."Trade closed: target reached
second TP almost reached, you can leave this trade to the last Target
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