EURUSD Analysis
The EUR/USD currency pair is continuing its downtrend, having recently formed a double top on the daily chart. On October 10, the pair hit a low of 1.0900, which marked the September-October low. This triggered a minor pullback of about 50 pips, but it hasn’t been enough to signal a bullish reversal. Currently, the market is fluctuating between 1.0900 and 1.0950. (EUR USD Forecast for today)
Key Levels
- Short-Term Resistance:
- 1.0950 (previously a support level)
- 1.0990
- 1.1040
- Short-Term Support:
- 1.0890
- 1.0830
On the 4-hour timeframe, the price remains well below the 50 EMA, indicating a lack of bullish momentum. This suggests a higher likelihood that the downtrend will continue.
EUR USD Forecast
We anticipate that EUR/USD will likely extend its short-term downtrend and could drop to the 1.0890 support level. If that level is broken, the next target would be 1.0830. Conversely, if the price manages to break above 1.0950 and hold there, it could rise towards the 1.1000 resistance level, but it may then reverse and resume its downtrend.
In summary, our outlook for EUR/USD is bearish.
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