EUR/USD: hits new 16-week low
EUR/USD is trading around 1.078 and the technical picture remains heavily bearish after failing to break above the 1.0800 resistance level. The decline comes as Fibre falls sharply ahead of Thursday’s new round of Purchasing Managers’ Index data. ECB officials have played down economic concerns, reiterating the need for caution when considering future rate cuts.
As seen on the 1-hour chart, it can be seen that the price remains below the 34, 89 EMAs and the price wedge has not been broken, suggesting that the downtrend is not over yet. This usually allows sellers to still gain the advantage of a more bearish reversal in the near term, potentially reaching lower levels around 1.0740.
Happy trading.
As seen on the 1-hour chart, it can be seen that the price remains below the 34, 89 EMAs and the price wedge has not been broken, suggesting that the downtrend is not over yet. This usually allows sellers to still gain the advantage of a more bearish reversal in the near term, potentially reaching lower levels around 1.0740.
Happy trading.
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