EUR/USD Technical Analysis: (READ DESCRIPTION)

EUR/USD Technical Analysis: Bearish Momentum in Focus

Pivot Point: 1.0840
The pivot point at 1.0840 acts as a crucial resistance level for the EUR/USD pair. As long as the price remains below this level, a bearish outlook is favored in the near term.

Our Preference: Short Positions
Recommended Trade:
Short positions are preferred as long as the price stays below the 1.0840 pivot. The expectation is for a downward move toward key support levels.

Target Levels for Downside Movement:
First Target: 1.0800
This is the initial support level, where traders may consider taking profits or evaluating a potential further decline.

Second Target: 1.0780
If the first target is breached, the pair could extend its losses toward 1.0780, signaling further downside pressure.

Alternative Scenario: Upside Risks
If the price rises above 1.0840:

Bullish Outlook:

First Target: 1.0855
Second Target: 1.0870
These levels represent potential resistance areas that could be tested in the event of a bullish reversal.

Technical Insights:
Bearish Signal:
As long as the resistance at 1.0840 remains intact, the likelihood of a break below 1.0800 is significant. The downside momentum appears strong, with the price struggling to breach higher resistance levels.