Bulls Losing Steam? EUR/USD Eyes Key Downside Levels
Looking at the EUR/USD charts, we're currently testing a key level just below that daily resistance at 1.08686. Price action has pushed up to this zone but hasn’t broken through yet, suggesting we might see some selling pressure kick in. The 4-hour and 2-hour EMAs are flattening out around this resistance, hinting that the bullish momentum could be cooling off, at least temporarily. I’m watching closely for signs of rejection around 1.08686 for a potential short setup.
If we see a solid bearish signal, like a rejection candle or bearish engulfing, I'll be looking to enter short around 1.0855. The first target would be around the weekly support at 1.08202, with a further extension down toward 1.0780 if momentum really picks up. With our EMAs showing a slight bearish alignment, this setup aligns with the overall trend.
For those waiting on a bullish continuation, keep an eye on a confirmed break and retest above 1.08686. If price sustains above that level, we could see a push toward the next daily resistance at 1.09664, but for now, I’m leaning short on this one. Let’s stay agile and watch the reaction at 1.08686 to gauge the next move.
If we see a solid bearish signal, like a rejection candle or bearish engulfing, I'll be looking to enter short around 1.0855. The first target would be around the weekly support at 1.08202, with a further extension down toward 1.0780 if momentum really picks up. With our EMAs showing a slight bearish alignment, this setup aligns with the overall trend.
For those waiting on a bullish continuation, keep an eye on a confirmed break and retest above 1.08686. If price sustains above that level, we could see a push toward the next daily resistance at 1.09664, but for now, I’m leaning short on this one. Let’s stay agile and watch the reaction at 1.08686 to gauge the next move.
Sheena Lynne
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