EUR/USD Daily Forecast: Maintaining Downtrend
The EUR/USD price continues to exhibit a downward trend, hovering near the October low of 1.0800. Today’s price action began at 1.0871 and has since declined to the current level of 1.0830. On the hourly chart, the 50 EMA (Exponential Moving Average) is positioned above the current price, acting as a resistance against any potential upward movement.
Key Levels:
Medium-Term Resistance: 1.0890
Medium-Term Support: 1.0750
We anticipate that the EUR/USD price will continue its downtrend in the upcoming sessions. The price may drop towards the 1.0750 level unless the resistance at 1.0900 remains intact. Notably, if the price rises to 1.0890, it could reverse and resume its downward trajectory.
Conversely, should the price break above 1.0910 and maintain stability above this resistance level, the next target would be 1.0955.
