EURUSD: Movement becomes unpredictable
Hello everyone.
From the 4-hour chart, the downtrend remains the dominant trend for this currency pair, with further evidence of this decline being that EURUSD continues to stay below the resistance level of 1.0900. This movement appears to be influenced by the convergence of the EMA line and nearby resistance levels.
Currently, EURUSD is trading sideways with little volatility, but there are signs indicating a potential peak forming from the previous EMA test area around 1.0917. The current support level is around 1.0860-1.0850. If this level is breached, it could push the EURUSD exchange rate further down, potentially reaching the 1.0725 level, which coincides with the final support level that bulls need to defend, as any price support above this level would be meaningless.
What about you? Do you think EURUSD will decrease in the future?
From the 4-hour chart, the downtrend remains the dominant trend for this currency pair, with further evidence of this decline being that EURUSD continues to stay below the resistance level of 1.0900. This movement appears to be influenced by the convergence of the EMA line and nearby resistance levels.
Currently, EURUSD is trading sideways with little volatility, but there are signs indicating a potential peak forming from the previous EMA test area around 1.0917. The current support level is around 1.0860-1.0850. If this level is breached, it could push the EURUSD exchange rate further down, potentially reaching the 1.0725 level, which coincides with the final support level that bulls need to defend, as any price support above this level would be meaningless.
What about you? Do you think EURUSD will decrease in the future?
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