EUR/USD Gains Ground, But Bearish Outlook Persists

The EUR/USD pair has managed to recover slightly, climbing to 1.0530 as buyers took advantage of recent declines. However, the overall technical picture remains bearish.

Key factors influencing the pair’s direction:

20-day SMA Resistance: The 20-day Simple Moving Average continues to act as a significant resistance level. Breaking above this level could signal a shift in momentum.
Weak Technical Indicators: While the RSI and MACD have shown some improvement, they remain in negative territory, suggesting that bearish sentiment still prevails.

Near-Term Outlook:

Upside Potential: If buyers can sustain momentum and break above the 20-day SMA, the pair could target higher levels, potentially reaching 1.0550.

Downside Risks: A failure to maintain the current level or a decline below the 1.0500 support level could lead to further losses, with 1.0450 as the next potential support.
Traders should closely monitor these technical indicators and key levels to gauge the pair’s future direction.