EURUSD: Downtrend is still strong
The EURUSD continues to maintain a price below the 1.0800 level after facing significant downward pressure last week. The current trading level is 1.078, with a slight recovery indicated by a green candle at the beginning of the week. However, this increase has yet to be confirmed as safe, as technical analysis on the daily chart shows a convergence between price and EMA, creating a barrier and challenge to the potential continuation of the EURUSD's recovery.
The outlook remains bearish for this currency pair in the coming period, with a defensive target at the 1.070 level.
The outlook remains bearish for this currency pair in the coming period, with a defensive target at the 1.070 level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.