EUR/USD Falls – Will Support Break?
The EUR/USD pair continues to face strong bearish pressure, currently trading around 1.0270. On the 4-hour chart, the price is moving below both the 34 and 89 EMAs, reinforcing the current downtrend. The recent breakdown of the key support at 1.0300 has triggered a strong sell-off, pushing the price closer to deeper support.
If EUR/USD fails to hold 1.0270, there is a high possibility that the price will continue to fall further towards the support at 1.0200. Conversely, if buying interest emerges strong enough to push the price above the 1.0300 resistance, a short-term recovery could occur, taking the price back to the 1.0350 area. However, the fundamentals are not in favor of the Euro, with concerns about slowing economic growth in the EU region amid political uncertainty and volatile energy prices. Meanwhile, the USD is supported by expectations of positive US economic data and the Fed's tightening monetary policy.
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