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EUR/USD: Ready for a recovery?
Hello traders!
Today, EUR/USD continued its downtrend for the fourth consecutive session, hovering around 1.0920 during Asian trading hours on Monday. The Euro faced downward pressure as the European Central Bank prepares for its monetary policy decision on Thursday.
Looking at the technical chart, the pair remains in a downtrend, but selling pressure has gradually subsided and is likely to turn sideways as signs of convergence from the trendline and RSI indicators have emerged, and the strong support level of 1.0900 has not been broken and remains a bright spot for recovery. In case EUR/USD closes at 1.0950 on the 4-hour chart, it could accelerate its momentum further, potentially reaching 1.0995 and 1.1075.
What about you? How do you feel about the future trend of EUR/USD? Share in the comments!
Today, EUR/USD continued its downtrend for the fourth consecutive session, hovering around 1.0920 during Asian trading hours on Monday. The Euro faced downward pressure as the European Central Bank prepares for its monetary policy decision on Thursday.
Looking at the technical chart, the pair remains in a downtrend, but selling pressure has gradually subsided and is likely to turn sideways as signs of convergence from the trendline and RSI indicators have emerged, and the strong support level of 1.0900 has not been broken and remains a bright spot for recovery. In case EUR/USD closes at 1.0950 on the 4-hour chart, it could accelerate its momentum further, potentially reaching 1.0995 and 1.1075.
What about you? How do you feel about the future trend of EUR/USD? Share in the comments!
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