EUR/USD: Is Parity (1.00) in Play?
Chart Analysis:
The EUR/USD pair has extended its downtrend, decisively breaking below the critical support at 1.0340, which previously held as a major floor. The pair is now trading at 1.0265, hitting levels not seen in recent months.
1️⃣ Key Breakdown:
The breach below 1.0340 confirms a continuation of the bearish trend, with sellers firmly in control. This level may now act as resistance on any retracement.
2️⃣ Moving Averages:
50-day SMA (blue): Positioned at 1.0578, far above the current price, reinforcing bearish short-term momentum.
200-day SMA (red): At 1.0806, reflects the broader downtrend and significant distance from current levels.
3️⃣ Momentum Indicators:
RSI: At 29.46, firmly in oversold territory, which may lead to a short-term bounce or consolidation.
MACD: Deeply negative, confirming strong bearish momentum with no signs of reversal yet.
What to Watch:
Immediate support levels: The next downside target could be 1.0200 or even lower if bearish momentum persists.
Oversold RSI: While the RSI signals a potential pause, the trend remains firmly bearish until a reversal pattern emerges.
For bulls to regain control, a move back above 1.0340 and the 50-day SMA would be needed, which seems unlikely in the near term.
The EUR/USD remains under heavy selling pressure after breaking key support. Watch for further declines or a potential relief bounce from oversold conditions.
-MW
The EUR/USD pair has extended its downtrend, decisively breaking below the critical support at 1.0340, which previously held as a major floor. The pair is now trading at 1.0265, hitting levels not seen in recent months.
1️⃣ Key Breakdown:
The breach below 1.0340 confirms a continuation of the bearish trend, with sellers firmly in control. This level may now act as resistance on any retracement.
2️⃣ Moving Averages:
50-day SMA (blue): Positioned at 1.0578, far above the current price, reinforcing bearish short-term momentum.
200-day SMA (red): At 1.0806, reflects the broader downtrend and significant distance from current levels.
3️⃣ Momentum Indicators:
RSI: At 29.46, firmly in oversold territory, which may lead to a short-term bounce or consolidation.
MACD: Deeply negative, confirming strong bearish momentum with no signs of reversal yet.
What to Watch:
Immediate support levels: The next downside target could be 1.0200 or even lower if bearish momentum persists.
Oversold RSI: While the RSI signals a potential pause, the trend remains firmly bearish until a reversal pattern emerges.
For bulls to regain control, a move back above 1.0340 and the 50-day SMA would be needed, which seems unlikely in the near term.
The EUR/USD remains under heavy selling pressure after breaking key support. Watch for further declines or a potential relief bounce from oversold conditions.
-MW
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