FX.co ★ EUR/USD

EURUSD Price Analysis: The purpose of this article is to examine the EUR/USD pair's price movement. In the end, the price will probably continue to decline as long as this pair's price chart shows a downward trend. We should keep a close eye on the price's movement if it does not surpass the 1.16355 level. I believe we can try to sell if the EUR/USD price declines and crosses the 1.14605 mark. There are different selling objectives below that, and each one can be reached to meet its target price under certain circumstances. With this move, the price has dropped below the 1.13075 support level and is moving in the direction of the 1.15445 level. This pair's primary downward trend has not changed. We should remain on the selling side in order to achieve higher trading results.

The EUR/USD pair's 4-hour chart indicates that a "double top" could form in the direction of 1.16375. Buyers are unable to access higher levels since major sellers are concentrated at this level. Whether the sellers can break through the 1.16375 barrier is all that's left. I'm not concerned. In this instance, I believe we should monitor for a breakout from the 1.16375 and 1.13925 range while we wait for US data during trading hours. There are two possible outcomes: either the pair breaks through the support level of 1.13925, erasing all of the euro's gains and falling to the 200-day moving average, which is currently at 1.12225, or the pair breaks through the 1.16375 level and reaches the resistance level of 1.17605.