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The EUR/USD pair continued its decline as expected, marking the longest series of daily losses in a year.
Technical Analysis:
Today’s analysis suggests that the pair is likely to maintain its downward trajectory, supported by negative pressure from the simple moving averages and the formation of a bearish double top pattern on the 4-hour chart. The next key target is 1.0780, unless the pair manages to trade above the previously broken support, now a resistance level at 1.0880, corresponding to the 61.80% Fibonacci correction.
However, should the pair manage to break the 1.0940 resistance and close at least an hourly candle above it, this could signal a potential short-term recovery, targeting 1.0970 and 1.1020.
Warnings:
- The risk level remains high, especially given the ongoing geopolitical tensions, which may lead to unexpected market moves. Caution is advised.
Risk Warning: The risk level remains high amid ongoing geopolitical tensions, and all scenarios are possible.
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