Hello everyone,
EUR/USD is currently recovering but remains below the 1.0800 level at the start of Wednesday. The pair is receiving support from a significantly weaker US Dollar, even as inflation cools in Germany and the market remains unconcerned about the Eurozone's HICP release, US ADP employment data, and Powell's speech.
However, EUR/USD is predicted to encounter resistance early at the EMA 34, 89. The downtrend may still hold a significant advantage, but I believe it's breaking through resistance. Additionally, the pair trading below both EMAs is a disadvantage for buyers. Therefore, we'll wait for confirmation from a few candlesticks before making any decisions at this point.
EUR/USD is currently recovering but remains below the 1.0800 level at the start of Wednesday. The pair is receiving support from a significantly weaker US Dollar, even as inflation cools in Germany and the market remains unconcerned about the Eurozone's HICP release, US ADP employment data, and Powell's speech.
However, EUR/USD is predicted to encounter resistance early at the EMA 34, 89. The downtrend may still hold a significant advantage, but I believe it's breaking through resistance. Additionally, the pair trading below both EMAs is a disadvantage for buyers. Therefore, we'll wait for confirmation from a few candlesticks before making any decisions at this point.
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EUR is recovering, price will stick to the target
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I think EUR is heading in the right direction towards the target.
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If you believe that the EUR will continue to rise, it might be wise to consider keeping a portion of your position open to potentially capture further gains. However, it's essential to weigh the potential risks and rewards and consider implementing appropriate risk management strategies.
