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The EUR/USD pair showed positive movements at the end of last week, but the upside remains limited as the pair failed to break above the 1.0760 resistance level.
Technical Outlook:
On the 4-hour chart, the 50-day simple moving average (SMA) continues to act as a significant barrier around the 1.0760 resistance, reinforcing its strength. This suggests that the downward pressure on the pair persists.
Downward Trend Potential:
We maintain our view that the downward trend could resume, with an initial target of 1.0700. A break below this level would pave the way for further declines towards 1.0660.
Upside Potential:
However, traders should be aware that a breakout above 1.0800 and subsequent consolidation would invalidate the bearish scenario. In this case, the pair could regain positive momentum and potentially target 1.0840.
Key Levels:
- Resistance: 1.0760, 1.0800
- Support: 1.0700, 1.0660
Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice.
Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.
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