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The EUR/USD pair reached the target mentioned in the previous technical report at 1.1850, hitting a high of 1.1849 before encountering selling pressure.
Technical Outlook – 4-Hour Timeframe:
In the short term, the pair entered a corrective downtrend influenced by the strength of the US dollar. The price failed to break through the 1.1850 resistance level, leading to a decline and a retest of the 50-day simple moving average as dynamic support.
Meanwhile, the Relative Strength Index (RSI) is moving near oversold territory, which could support the possibility of a temporary upward rebound.
Likely Scenario:
As long as the price holds above the 1.1720 support level, the potential for an upward correction remains, especially if the price manages to break through the 1.1780 resistance level. In this case, the pair might target:
- 1.1830 as an initial level
Conversely, breaking the support level of 1.1720 could reinforce the continuation of the downtrend, with potential targets at:
- 1.1660 as the first target
- 1.1620 as the next level
Caution: The risk level is high amid ongoing trade and geopolitical tensions, and all scenarios remain possible.
Risk Disclaimer: Trading CFDs involves risks, and therefore the scenarios outlined above are not a recommendation to sell or buy but rather an explanatory reading of price movement on the chart.
| S1: 1.1710 | R1: 1.1830 |
| S2: 1.1660 | R2: 1.1900 |
| S3: 1.1590 | R3: 1.1950 |
