The EUR/USD chart highlights several key technical points. Currently, the pair is hovering around $1.09664, facing strong support at $1.09062, where buyers are working to prevent a deeper decline.
The RSI indicator is at 37.66, signaling the market is nearing oversold territory. If strong buying pressure emerges at this support level, the price could rebound towards the resistance level at $1.12025. However, failure to hold this support may lead to further drops.
The EMA 34 and EMA 89 are forming moderate resistance, providing short-term recovery potential. However, to sustain upward momentum, a breakout above the $1.12025 resistance is necessary for the uptrend to continue.
The market is also awaiting crucial economic news, especially from the U.S., which could trigger significant volatility in this pair.