➡️ On Wednesday, the EUR/USD experienced a decline following a significant bullish breakout in the preceding session. Despite this pullback, the euro continues to exhibit a positive outlook against the US dollar. The exchange rate has recently established a consistent pattern of higher highs and higher lows, presently trading above crucial moving averages, as depicted in the daily chart.
➡️ To affirm the bullish scenario, it is imperative for the pair to maintain levels above the 200 and 100-day simple moving averages (SMA), situated around 1.0765. If this support remains intact, preventing the intrusion of sellers, there is potential for the price to initiate an upward consolidation. This could pave the way for a movement beyond 1.0900, progressing towards the Fibonacci resistance at 1.0960. Further upward momentum would then shift attention to the subsequent target at 1.1075.
➡️ To affirm the bullish scenario, it is imperative for the pair to maintain levels above the 200 and 100-day simple moving averages (SMA), situated around 1.0765. If this support remains intact, preventing the intrusion of sellers, there is potential for the price to initiate an upward consolidation. This could pave the way for a movement beyond 1.0900, progressing towards the Fibonacci resistance at 1.0960. Further upward momentum would then shift attention to the subsequent target at 1.1075.
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In case the sellers regain control of the market and successfully push prices below the 1.0765 region, the short-term trend will turn bearish, meaning the common currency is likely to see more losses. In such a scenario, a retreat to 1.0650 is reasonable, with sustained weakness increasing the risk of a test of trendline support at 1.0570
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