EURUSD - Price may test resistance and then continue to decline
Hello dear friends!
EURUSD today has undergone a significant short-term recovery and is currently trading calmly at 1.0550 since the time of writing. The tensions in the Middle East and higher-than-expected inflation figures in the United States have boosted the demand for the safe-haven US Dollar.
From the analysis chart, we can observe that a downward trend channel has formed with a breakout level at 1.0604. Despite some short-term rebounds, there isn't enough momentum to escape the downward trend.
The target for this week is 1.0448. The important levels to consider are:
Support levels: 1.0495, 1.0450, 1.0400
Resistance levels: 1.0570, 1.0610, 1.0650
EURUSD today has undergone a significant short-term recovery and is currently trading calmly at 1.0550 since the time of writing. The tensions in the Middle East and higher-than-expected inflation figures in the United States have boosted the demand for the safe-haven US Dollar.
From the analysis chart, we can observe that a downward trend channel has formed with a breakout level at 1.0604. Despite some short-term rebounds, there isn't enough momentum to escape the downward trend.
The target for this week is 1.0448. The important levels to consider are:
Support levels: 1.0495, 1.0450, 1.0400
Resistance levels: 1.0570, 1.0610, 1.0650
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The macroeconomic calendar will include a Federal Reserve (Fed) speaker in the afternoon in the US, with attention also focused on the final earnings season of the year.
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