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Concluding this week's trading session, the EURUSD experienced a decline, reaching 1.0806. Despite the bearish trend, it is currently trading above the 1.0800 mark. The primary reason behind this price drop is the strengthening of the revitalized US dollar, which has effectively counteracted the EUR/USD trend.
Analyzing the 4-hour chart, if the 1.0800 level remains as a support, it is possible that sellers may lose confidence, leading investors to reconsider their short positions as we enter the new week. In such a scenario, the first level of resistance could be considered at 1.0855-1.0871 (Fibonacci retracement levels 0.618 and 0.5), followed by the 1.0900 level. Additionally, the correction of the dollar index may bring significant positive momentum to this currency pair in the near future.
The downtrend continues on the chart, and if the key support level of 1.0800 is established, it may attract buyers who see potential in this zone. However, if sellers manage to keep the price below this range, a bearish scenario may unfold. It is anticipated that EUR/USD will recover and reach the resistance levels and EMA 34.89 with support from 1.088 and above the descending channel.
Concluding this week's trading session, the EURUSD experienced a decline, reaching 1.0806. Despite the bearish trend, it is currently trading above the 1.0800 mark. The primary reason behind this price drop is the strengthening of the revitalized US dollar, which has effectively counteracted the EUR/USD trend.
Analyzing the 4-hour chart, if the 1.0800 level remains as a support, it is possible that sellers may lose confidence, leading investors to reconsider their short positions as we enter the new week. In such a scenario, the first level of resistance could be considered at 1.0855-1.0871 (Fibonacci retracement levels 0.618 and 0.5), followed by the 1.0900 level. Additionally, the correction of the dollar index may bring significant positive momentum to this currency pair in the near future.
The downtrend continues on the chart, and if the key support level of 1.0800 is established, it may attract buyers who see potential in this zone. However, if sellers manage to keep the price below this range, a bearish scenario may unfold. It is anticipated that EUR/USD will recover and reach the resistance levels and EMA 34.89 with support from 1.088 and above the descending channel.
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EURUSD receives good support from 1.0800, Price is currently fluctuating around 1.0820, up 0.13% on the day.
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