Struggle Below Resistance – Opportunity or Challenge?
Looking at the EUR/USD hourly chart, I see that the price is struggling to recover and is being limited by the EMA 34 and EMA 89. The EMA 89, in orange, acts as a key resistance level that the price has failed to overcome in recent sessions. The red area above is currently a strong resistance area, and any increase in price is likely to meet selling pressure here.
The current structure of the market suggests that a downtrend may continue. The price is approaching a key support area that I have marked in blue. If the price breaks this area, it is likely to continue falling to lower levels.
The current structure of the market suggests that a downtrend may continue. The price is approaching a key support area that I have marked in blue. If the price breaks this area, it is likely to continue falling to lower levels.
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