EURUSD: Bearish Breakout?
Hello everyone, what do you think about the next trend of EURUSD?
From the 4-hour chart, we can see that this currency pair is trending upwards. Currently, the price is trading around 1.0825, showing a 0.07% increase for the day. However, the latest minutes from the Federal Reserve indicate that policymakers are still focusing on downside risks.
On the 4-hour chart, EURUSD is currently receiving strong support at 1.0805, with 1.08 being the ultimate support level for this pair. Breaking below this level would lead to a significant price decrease, while maintaining this level would result in a price increase. However, after multiple tests of the upward trend line as mentioned in the analysis above, I believe in the downside potential of this currency pair, given the risks from the latest news.
My target is for the price to break below the upward trend line of this pair at 1.0805 and seek support at 1.0760.
From the 4-hour chart, we can see that this currency pair is trending upwards. Currently, the price is trading around 1.0825, showing a 0.07% increase for the day. However, the latest minutes from the Federal Reserve indicate that policymakers are still focusing on downside risks.
On the 4-hour chart, EURUSD is currently receiving strong support at 1.0805, with 1.08 being the ultimate support level for this pair. Breaking below this level would lead to a significant price decrease, while maintaining this level would result in a price increase. However, after multiple tests of the upward trend line as mentioned in the analysis above, I believe in the downside potential of this currency pair, given the risks from the latest news.
My target is for the price to break below the upward trend line of this pair at 1.0805 and seek support at 1.0760.
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