EURUSD - PRICE ACTION CONFIRMS TREND REVERSALSymbol - EURUSD
The EURUSD currency pair has broken its previous trend, emerging from a consolidation phase and reaching new highs, which signals a definitive shift in market direction. The primary focus now shifts to the resistance zones, where significant market struggles are expected. The ongoing correction of the US dollar, largely driven by political and geopolitical factors, presents opportunities within the forex market. The EURUSD has been strengthening for the past month, suggesting promising prospects, particularly if the dollar's correction continues. This week, attention is on the Federal Reserve's rate decision and the inflation meeting, which could provide further support for the current market movement.
From a technical perspective, the key support level to watch is at 1.0445. If the bulls are able to maintain this support, the price may move towards the 1.0600 - 1.0700 range in the short to medium term.
Resistance levels: 1.0530, 1.0610
Support level: 1.0445
The price has already tested the 1.0445 level. A potential false breakdown could occur, aimed at capturing liquidity, after which the pair is likely to resume its upward momentum, driven by renewed interest from buyers in the euro.
