EURUSD: Recovering but outlook still bearish!
Updated
Hello EURUSD traders! Today, we are witnessing a modest recovery of EURUSD to the level of 1.0777, but it still exhibits characteristics of a downward trend. Chart analysis indicates that the decline continues as it breaks out of the upward trend line.
Furthermore, the convergence of EMA 34 and 89 appears to favor sellers. According to the Dow Theory, this currency pair is undergoing a corrective wave in its trend and is testing for a breakout, suggesting that any price increase may not be sustained.
The target for the downside and the current selling zone is aimed at the first Fibonacci retracement level of 1.618.
Furthermore, the convergence of EMA 34 and 89 appears to favor sellers. According to the Dow Theory, this currency pair is undergoing a corrective wave in its trend and is testing for a breakout, suggesting that any price increase may not be sustained.
The target for the downside and the current selling zone is aimed at the first Fibonacci retracement level of 1.618.
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