EURUSD Awaits Rate Signals, Risk of Bullish Reversal
Investors are waiting for rate signals from the Fed as U.S. inflation remains high, while the ECB faces pressure to adjust rates due to the Eurozone's sluggish economy.
The short-term downtrend in EURUSD is prevailing, confirmed by the EMA 34 crossing below the EMA 89, indicating growing selling pressure.
The chart shows strong support around the 1.10630 level, where prices have bounced multiple times, creating a solid support zone.
The resistance zone is around 1.11450, which is a potential target area if prices rebound from the support level.
The RSI (14) is currently hovering around 36-38, suggesting the market is in an oversold state. This indicates a potential reversal or a short-term pullback.
If the price holds the support at 1.10630 and shows a rebound signal, there is a possibility that EURUSD will retest the resistance at 1.11450.
The short-term downtrend in EURUSD is prevailing, confirmed by the EMA 34 crossing below the EMA 89, indicating growing selling pressure.
The chart shows strong support around the 1.10630 level, where prices have bounced multiple times, creating a solid support zone.
The resistance zone is around 1.11450, which is a potential target area if prices rebound from the support level.
The RSI (14) is currently hovering around 36-38, suggesting the market is in an oversold state. This indicates a potential reversal or a short-term pullback.
If the price holds the support at 1.10630 and shows a rebound signal, there is a possibility that EURUSD will retest the resistance at 1.11450.
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