EUR/USD: Bearish Trend Holds as Key Resistance Approaches
EUR/USD remains under selling pressure after breaking out of its previous range, shifting momentum in favor of the bears and reinforcing the ongoing downtrend.
Currently, the pair is attempting a recovery, approaching the 1.0453 - 1.0458 zone, a former support now acting as a key resistance. A rejection at this level could extend the decline toward 1.0363, the next major support area.
Despite the short-term pullback, market structure still favors further downside. The weaker-than-expected ISM Manufacturing PMI has added volatility to the U.S. dollar, but it hasn’t altered overall sentiment. The upcoming NFP report on Friday and the Eurozone flash CPI estimate will be crucial in determining the next directional move.
If 1.0458 holds as resistance, the bearish outlook is likely to persist.
Currently, the pair is attempting a recovery, approaching the 1.0453 - 1.0458 zone, a former support now acting as a key resistance. A rejection at this level could extend the decline toward 1.0363, the next major support area.
Despite the short-term pullback, market structure still favors further downside. The weaker-than-expected ISM Manufacturing PMI has added volatility to the U.S. dollar, but it hasn’t altered overall sentiment. The upcoming NFP report on Friday and the Eurozone flash CPI estimate will be crucial in determining the next directional move.
If 1.0458 holds as resistance, the bearish outlook is likely to persist.
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