Strong Bearish Pressure Below EMAs
The EUR/USD pair is showing a strong bearish bias, as shown by the 34 EMA crossing below the 89 EMA, a classic bearish sign. This suggests that the market could continue this trend as long as the selling pressure has not subsided, especially as the price continues to trade below both EMAs.
On the Fibonacci Retracement chart, the current price zone of EUR/USD is near the 1.1038 level, an area that has served as support for previous rallies. A break of this level could take the pair down to the next support level of 1.09826, according to the 1.618 Fibonacci ratio, which if broken could open a deeper downtrend.
Entry Point:
Long Position: If the EUR/USD pair rebounds and breaks above the EMA resistance, a short-term long position could be considered. Enter when price breaks above 1.1080.
Sell: Enter a sell order if price breaks below 1.1038 support and continues to trend lower.
Take Profit (TP):
Buy: Place TP around 1.1130, close to the next resistance level on the chart.
Sell: Place TP at 1.09826, in line with the 1.618 Fibonacci level where price could find new support.
Stop Loss (SL):
Buy: Place SL below EMA 89, around 1.1040, to minimize risk if the recovery does not occur as expected.
Sell: Place SL above 1.1080, just above EMA 34, to protect the order from sudden moves that could push price back into the uptrend.
On the Fibonacci Retracement chart, the current price zone of EUR/USD is near the 1.1038 level, an area that has served as support for previous rallies. A break of this level could take the pair down to the next support level of 1.09826, according to the 1.618 Fibonacci ratio, which if broken could open a deeper downtrend.
Entry Point:
Long Position: If the EUR/USD pair rebounds and breaks above the EMA resistance, a short-term long position could be considered. Enter when price breaks above 1.1080.
Sell: Enter a sell order if price breaks below 1.1038 support and continues to trend lower.
Take Profit (TP):
Buy: Place TP around 1.1130, close to the next resistance level on the chart.
Sell: Place TP at 1.09826, in line with the 1.618 Fibonacci level where price could find new support.
Stop Loss (SL):
Buy: Place SL below EMA 89, around 1.1040, to minimize risk if the recovery does not occur as expected.
Sell: Place SL above 1.1080, just above EMA 34, to protect the order from sudden moves that could push price back into the uptrend.
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