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EUR/USD Faces Pressure Amid USD Strength and Hawkish Fed Comment

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During Wednesday's London session, EUR/USD extended its losses, approaching 1.08370. The pair faces challenges as the US Dollar (USD) gains ground amidst rising risk aversion sentiment. This shift in market sentiment is possibly triggered by hawkish remarks from Minneapolis Fed President Neel Kashkari, who suggested that further rate hikes remain a possibility. Kashkari's comments highlighted uncertainties about the disinflationary process, predicting only two rate cuts, which contributed to the USD's strength.

From a technical perspective, as observed in previous analyses, the price rebounded from the 78.6% Fibonacci level. This rebound occurred in confluence with a well-identified supply zone, confirming our earlier forecasts. The price action suggests the potential formation of a double top pattern in this area, indicating a significant resistance level. The initial bearish impulse from this region supports the likelihood of further downside movement.

The recent price behavior and technical indicators suggest that EUR/USD may continue its downward trajectory. The formation of the double top pattern, characterized by the two peaks at the supply zone, often signals a trend reversal. Traders should monitor this area closely, as a confirmed double top could lead to a more pronounced bearish move.

In addition to the technical factors, the broader macroeconomic environment continues to influence EUR/USD dynamics. The strengthening USD, driven by hawkish Fed rhetoric and ongoing economic uncertainties, poses additional challenges for the Euro. Market participants will likely remain cautious, closely watching upcoming economic data releases and central bank communications for further guidance.

Overall, the combination of technical and fundamental factors suggests a cautious outlook for EUR/USD. The current price action, marked by the rebound from the 78.6% Fibonacci level and potential double top formation, aligns with our bearish forecast. Traders should consider these insights when making their trading decisions, remaining vigilant for any shifts in market sentiment or key economic indicators that could impact the pair's direction.

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