Mild Recovery But Bearish Pressure Remains
Updated
On the 4-hour chart of EUR/USD, I see the pair attempting to recover from the recent low at 1.0260. Currently, the price is hovering around 1.0317, indicating a short-term bullish correction. However, the bearish pressure remains evident.
The EMA 34 and EMA 89 maintain their downward slope, confirming the main downtrend on this timeframe. I will keep a close eye on the resistance zone around EMA 34 (1.0320). If the price breaks through, it will likely approach the 1.0370-1.0400 zone, where the EMA 89 acts as strong resistance.
Conversely, if selling pressure returns and the price fails to break above the 34 EMA, I expect the price to retest support at 1.0280 or even the previous low at 1.0260.
The RSI is showing signs of recovery but is still below 50, indicating that the sellers have not completely lost control. In my opinion, it is important to keep a close eye on the price action around the EMA levels, especially in the current market environment dominated by many uncertain factors.
The EMA 34 and EMA 89 maintain their downward slope, confirming the main downtrend on this timeframe. I will keep a close eye on the resistance zone around EMA 34 (1.0320). If the price breaks through, it will likely approach the 1.0370-1.0400 zone, where the EMA 89 acts as strong resistance.
Conversely, if selling pressure returns and the price fails to break above the 34 EMA, I expect the price to retest support at 1.0280 or even the previous low at 1.0260.
The RSI is showing signs of recovery but is still below 50, indicating that the sellers have not completely lost control. In my opinion, it is important to keep a close eye on the price action around the EMA levels, especially in the current market environment dominated by many uncertain factors.
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