EUR/USD Bearish Pressure, Testing Support
Looking at the current EUR/USD chart, I see that the pair is facing some pretty clear bearish pressure. After a sharp decline, the price has reached the support zone around 1.0700 and is currently showing signs of a slight recovery. However, it is worth noting that the resistance zone near 1.0800 - 1.0820 above, combined with the 34 and 89 EMAs, is likely to create strong selling pressure for EUR/USD.
If the price fails to overcome this resistance level and shows signs of weakness, I expect a new bearish wave to form, pulling EUR/USD back down to the support zone at 1.0700 and possibly even lower to 1.0580. This is the next important support zone that I will be watching closely.
In the current situation, my trading strategy will be to wait for price reaction at the resistance zone of 1.0800 - 1.0820. If price rejection signals appear, I will consider short-term sell orders with the nearest target at 1.0700 and a potential further target at 1.0580.
If the price fails to overcome this resistance level and shows signs of weakness, I expect a new bearish wave to form, pulling EUR/USD back down to the support zone at 1.0700 and possibly even lower to 1.0580. This is the next important support zone that I will be watching closely.
In the current situation, my trading strategy will be to wait for price reaction at the resistance zone of 1.0800 - 1.0820. If price rejection signals appear, I will consider short-term sell orders with the nearest target at 1.0700 and a potential further target at 1.0580.
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