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Bearish outlook.
The euro-dollar's medium-term trend reversed to the upside this week. The price broke out resistance levels of 1.0978 and 1.1082 and the target area 1.1189. Then, the goal zone 1.1245 was reached. However; the pair has rebounded from the bottom of 1.1245 to close at 1.1145.
Today, the first support level is seen at 1.1082, the price is moving in a bearish channel now. The euro continues to see a lot of choppiness on Wednesday again (20th of July 2023). Such a strong downpward move indicates that the trend will likely continue.
So, we can expect a correction this week and reach advantageous selling prices at the price of 1.1082. We can consider new shorts there according to the pattern, with a target at last week's low. The EUR/USD pair continues to move downwards from the level of 1.1245 .
Yesterday, the pair dropped from the level of 1.1245 to the bottom around 1.1145. RSI readings are worth noting, too. It suggests oversoldness, so a corrective pattern will likely develop in the medium term. Then, a downtrend will continue.
In Wednesday's trading session, the euro experienced a modest drop, breaching the 1.11145 level but showing signs of uncertainty. As market participants grapple with the impact of diverging monetary policies and inflation concerns, evaluating the euro's trajectory becomes crucial.
This article explores the prevailing factors influencing the euro's performance and identifies potential selling opportunities amid long-term pullbacks. Today, the first support level is seen at 1.1145, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 1.1145, which coincides with the 61.8% Fibonacci retracement level.
This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the EUR/USD pair is able to break out the first support at 1.1145, the market will decline further to 1.1082 in order to test the weekly support 2.
Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.1145 with the first target at 1.1082 and further to 1.0978. On he other hand, stop loss is to be placed above the level of 1.1245
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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