EUR/USD Slips Further: Bearish Momentum Dominates
The EUR/USD pair continues its downward trajectory, currently trading around 1.0477, reflecting a prolonged bearish trend. Despite intermittent retracements, the pair faces significant resistance zones near 1.0722 and 1.0841, which it has failed to breach convincingly.
The selling pressure stems from a stronger US Dollar backed by rising Treasury yields and expectations of a hawkish Federal Reserve. Additionally, the euro remains under pressure due to subdued economic recovery signals in the Eurozone.
Looking ahead, the immediate support lies near 1.0400, a critical level that, if breached, could lead to further declines toward the 1.0200 and potentially 1.0000 psychological levels. Conversely, a recovery above 1.0722 could spark a temporary relief rally, though the broader trend favors further downside momentum. Traders should remain cautious, aligning strategies with the prevailing bearish sentiment.
The selling pressure stems from a stronger US Dollar backed by rising Treasury yields and expectations of a hawkish Federal Reserve. Additionally, the euro remains under pressure due to subdued economic recovery signals in the Eurozone.
Looking ahead, the immediate support lies near 1.0400, a critical level that, if breached, could lead to further declines toward the 1.0200 and potentially 1.0000 psychological levels. Conversely, a recovery above 1.0722 could spark a temporary relief rally, though the broader trend favors further downside momentum. Traders should remain cautious, aligning strategies with the prevailing bearish sentiment.
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