EUR/USD will move up towards the resistance 1.07000 then reverse
EUR/USD will move up towards the resistance of 1.07000 and then reverse, continuing the long-term bearish trend of the daily chart, is certainly possible.
There are a few technical factors that support this prediction:
The EUR/USD pair has been trading in a downtrend on the daily chart for several months now.
The pair has recently reached a key resistance level at 1.07000.
There is a bearish divergence between the price and the MACD indicator on the daily chart.
This suggests that the momentum of the downtrend is still strong.
However, it is important to note that there are also some factors that could prevent this prediction from coming true:
The US dollar has been strengthening in recent weeks, which could put downward pressure on the EUR/USD pair.
There is a possibility that the European Central Bank will intervene in the currency market to support the euro.
There is also a possibility that positive news from the European economy could boost the euro.
Overall, your prediction that EUR/USD will move up towards the resistance of 1.06900 and then reverse, continuing the long-term bearish trend of the daily chart, is certainly possible.
There are a few technical factors that support this prediction:
The EUR/USD pair has been trading in a downtrend on the daily chart for several months now.
The pair has recently reached a key resistance level at 1.07000.
There is a bearish divergence between the price and the MACD indicator on the daily chart.
This suggests that the momentum of the downtrend is still strong.
However, it is important to note that there are also some factors that could prevent this prediction from coming true:
The US dollar has been strengthening in recent weeks, which could put downward pressure on the EUR/USD pair.
There is a possibility that the European Central Bank will intervene in the currency market to support the euro.
There is also a possibility that positive news from the European economy could boost the euro.
Overall, your prediction that EUR/USD will move up towards the resistance of 1.06900 and then reverse, continuing the long-term bearish trend of the daily chart, is certainly possible.
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