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The EUR/USD pair continues to trade under a dominant downtrend, consistent with the bearish outlook mentioned in the previous report. Current price movements remain stable below the key resistance level at 1.0475.
Technical Analysis:
The 50-day simple moving average continues to exert downward pressure, reinforced by the Stochastic indicator’s clear negative signals.
With daily trading staying below the main resistance level at 1.0475 (aligned with the 23.60% Fibonacci retracement), the bearish trend is favored. Confirmation of a break below 1.0385 could pave the way for a decline toward 1.0330 as an initial target, with further downside potential extending to 1.0250.
On the flip side, a breakout above the 1.0475 resistance level may invalidate the bearish scenario. In this case, the pair could aim for a recovery, targeting 1.0500 and subsequently 1.0560, corresponding to the 38.20% Fibonacci correction.
Warning:
The risk level remains high, influenced by ongoing geopolitical tensions. All scenarios remain possible, requiring traders to exercise caution.
Risk Alert: Market conditions remain highly uncertain due to ongoing geopolitical tensions, and multiple outcomes are possible.
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