Hello EURUSD traders! Today, we're seeing a modest rebound in EURUSD to 1.0777, but it's still wrapped in the characteristics of a downward trend. Analysis of the charts indicates a continued decline as it breaks away from an ascending trendline.
Furthermore, the convergence of the EMA 34 and 89 seems to favor the sellers. According to Dow Theory, this pair is undergoing a corrective wave in its trend and is testing the breakout, suggesting that any price increase may not last long.
The current bearish target and sell zone is aimed at the first 1.618 Fibonacci retracement level.
Furthermore, the convergence of the EMA 34 and 89 seems to favor the sellers. According to Dow Theory, this pair is undergoing a corrective wave in its trend and is testing the breakout, suggesting that any price increase may not last long.
The current bearish target and sell zone is aimed at the first 1.618 Fibonacci retracement level.
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