EUR/USD Near 1.10300 USD Support, Short-Term Upside Potential
Updated
The H3 chart of EUR/USD shows the price approaching a crucial support level around 1.10300 USD, a zone that has held firm previously and may trigger an upward move if unbroken.
The 20 SMA is currently exerting downward pressure, but if the support holds, a short-term recovery is possible.
The price is also trading near the lower Bollinger Band, indicating the potential for a bounce from this support level.
Traders might consider buying near the 1.10300 USD support if clear reversal signals emerge.
Market sentiment for EUR/USD is still influenced by economic and political factors from both the Eurozone and the U.S.
The 20 SMA is currently exerting downward pressure, but if the support holds, a short-term recovery is possible.
The price is also trading near the lower Bollinger Band, indicating the potential for a bounce from this support level.
Traders might consider buying near the 1.10300 USD support if clear reversal signals emerge.
Market sentiment for EUR/USD is still influenced by economic and political factors from both the Eurozone and the U.S.
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As of September 4, 2024, EUR/USD is under bearish pressure, with a likely drop below 1.1010, targeting 1.0950. Technical indicators suggest further downside, despite possible short-term corrections【59†source】【60†source】.
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