EUR/USD Waiting for Reaction at 1.0750 Support
Based on the current EUR/USD chart, I see the pair struggling to find strength to break above the strong resistance zone around 1.0870. However, the EMA(34) and EMA(89) lines are above the current price, exerting selling pressure. This is a sign that the downtrend is still dominant in the short term.
The important support zone at 1.0750 could act as a “cushion” for the price if the selling pressure continues to increase. If EUR/USD fails to break above the resistance above, the price is likely to return to test this support zone. In case the price breaks below 1.0750, the downtrend will be further reinforced, opening the door for a deeper decline.
The important support zone at 1.0750 could act as a “cushion” for the price if the selling pressure continues to increase. If EUR/USD fails to break above the resistance above, the price is likely to return to test this support zone. In case the price breaks below 1.0750, the downtrend will be further reinforced, opening the door for a deeper decline.
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