Euro / DollaroShort
EUR/USD Weekly: Bearish Outlook with Key Levels to Watch
EUR/USD Weekly Analysis: Bearish Outlook for the Week Ahead
For the upcoming week, my outlook on EUR/USD remains bearish. The current price action is showing a downward momentum, confirmed by the RSI indicator. However, caution is warranted as the RSI is still above the 50 level, suggesting that we are not yet entirely in a bearish territory and buyers may still be active.
Key Points to Watch:
Current Momentum: The downward trend is evident, but since the RSI is above 50, it signals that the market might still be favoring buyers. This indicates potential volatility and possible retracements.
Resistance Level: We could see a retracement towards the 1.09534 level. This area has a high volume profile and aligns with the 50% to 61.80% Fibonacci retracement levels, offering a significant confluence for potential short entries.
Target Levels: If the bearish momentum continues, our target remains the previous value area between 1.08348 and 1.07893. This range represents a key support zone where further downside movement could find a base.
Summary: Expect potential retracement to the 1.09534 level before any further downside. Watch for price action around this area for confirmation of short positions, with the aim to target the support zone between 1.08348 and 1.07893. Stay alert to RSI movements and overall market sentiment as we proceed through the week.
For the upcoming week, my outlook on EUR/USD remains bearish. The current price action is showing a downward momentum, confirmed by the RSI indicator. However, caution is warranted as the RSI is still above the 50 level, suggesting that we are not yet entirely in a bearish territory and buyers may still be active.
Key Points to Watch:
Current Momentum: The downward trend is evident, but since the RSI is above 50, it signals that the market might still be favoring buyers. This indicates potential volatility and possible retracements.
Resistance Level: We could see a retracement towards the 1.09534 level. This area has a high volume profile and aligns with the 50% to 61.80% Fibonacci retracement levels, offering a significant confluence for potential short entries.
Target Levels: If the bearish momentum continues, our target remains the previous value area between 1.08348 and 1.07893. This range represents a key support zone where further downside movement could find a base.
Summary: Expect potential retracement to the 1.09534 level before any further downside. Watch for price action around this area for confirmation of short positions, with the aim to target the support zone between 1.08348 and 1.07893. Stay alert to RSI movements and overall market sentiment as we proceed through the week.
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