EURUSD: 1.0900 and a pullback
Hello dear friends! Let's recap the market and discuss our new plan, shall we?
Overall, the EURUSD downtrend continued last week. Currently, EU is trading at 1.0840, after hitting 1.0802 yesterday, marking a 0.02% gain on the day. The trend from last week has been mostly down, as price facing strong support at 1.0800 (as shown on chart 1d) has turned bullish but the long-term outlook remains unavoidably bullish. reduced.
However, investors still lack motivation to push prices up again. Given the current trend, and based on the news, as this factor brings unpredictable declines, we need to understand that breaking the key support level of 1.0800 will disrupt the structure. So it may not last long as it approaches the 1.0900 resistance again.
The short-term outlook remains bullish, with a HIT to 1.0900. If the price quickly returns to support from this level, the likelihood of a breakout will increase. Long-term fundamental and technical, the market is showing suspicious weakness in the Fed's interest rate outlook, so we can expect a bearish scenario when prices reach the indicated milestones.
Overall, the EURUSD downtrend continued last week. Currently, EU is trading at 1.0840, after hitting 1.0802 yesterday, marking a 0.02% gain on the day. The trend from last week has been mostly down, as price facing strong support at 1.0800 (as shown on chart 1d) has turned bullish but the long-term outlook remains unavoidably bullish. reduced.
However, investors still lack motivation to push prices up again. Given the current trend, and based on the news, as this factor brings unpredictable declines, we need to understand that breaking the key support level of 1.0800 will disrupt the structure. So it may not last long as it approaches the 1.0900 resistance again.
The short-term outlook remains bullish, with a HIT to 1.0900. If the price quickly returns to support from this level, the likelihood of a breakout will increase. Long-term fundamental and technical, the market is showing suspicious weakness in the Fed's interest rate outlook, so we can expect a bearish scenario when prices reach the indicated milestones.
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