EUR to USD predictions
Last week, EUR/USD showed a downward trend, opening at 1.0870 and closing at 1.0800. The price dipped to 1.0760 but briefly recovered to 1.0840 on October 24 before continuing its decline and closing the week at 1.0800.
Support and Resistance Levels:
- Resistance: 1.0890, 1.1000
- Support: 1.0820 (now broken), 1.0730, 1.0650
4-Hour Time Frame Analysis:
- The price has been below the 50 EMA (Exponential Moving Average) for the past month, indicating a downtrend.
- The 50 EMA has acted as dynamic resistance, with the price forming lower lows and lower highs.
- Recently, the price touched the lower boundary of the 50 EMA before moving downward again.
- The 4-hour RSI is 41.78, suggesting the market isn’t oversold yet.
Forecast:
We expect EUR/USD to maintain its downward momentum in the near term, as long as the 1.0900 resistance level holds. Short-term targets include a drop to 1.0730; a strong break below this level could lead to a further decline toward 1.0650.
However, the price might bounce back to 1.0870 before continuing downward. If it breaks above 1.0910 and stabilizes, the next target could be 1.0960.
Our outlook for EUR/USD remains bearish in the short term.
