Last week, the EURUSD price dropped to a low of 1.0800, marking the lowest levels in September and October. Following this decline, the price experienced a slight pullback, reaching up to 1.0870. Currently, the price is positioned at 1.0860.
In the four-hour timeframe, the 50 EMA indicates a bearish trend for EUR/USD. Short-term resistance levels are identified at 1.0900 and 1.0950, while support levels are found at 1.0800 and 1.0730.
Euro-to-dollar Forecast: We anticipate that the EUR/USD will continue its downward trend in the upcoming sessions, provided it remains below the critical resistance level of 1.0950. If the price breaks below 1.0800, It may test the next support level at 1.0730.
Conversely, if the price manages to break above 1.0900 and holds above it, we could see a rally towards the next resistance at 1.0950. However, this scenario may prove challenging for bulls.
Given the current outlook, we remain optimistic about a continued downtrend for the EUR/USD.
