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Technical Market Overview:
The EUR/USD pair continues its downtrend, breaching the vital short-term support at 1.0825, marking a new local low at 1.0802 (at the time of this analysis). A breach below may drive the price to the next support at 1.0770, with a H4 demand zone between 1.0770 - 1.0746 expected to momentarily stall bearish pressures. Despite oversold conditions, negative momentum persists on the H4 chart, indicating current bearish dominance. A decisive breakout above 1.0966 is necessary for a shift to a more bullish outlook.
EUR/USD Weekly Pivot Points:
Pivot Points, crucial in technical analysis, serve to identify potential trend reversals, support, and resistance levels.
Trading Outlook:
A breakout above the 61% Fibonacci retracement (1.0963) of the recent weekly downtrend signals a potential long-term trend reversal favoring the Euro. A weekly close beyond this level serves as the initial signal for this shift.
EUR/USD Intraday Analysis:
- Out of 22 technical indicators, 16 display a Strong Sell signal, 6 are Neutral, and 1 indicates a Buy signal.
- All 18 moving averages present a Strong Sell signal.
EUR/USD Sentiment Scoreboard:
The overall sentiment leans bullish (62% bulls vs. 38% bears). Last week's sentiment also remained bullish (57% bulls vs. 43% bears), with the sentiment over the last three days aligning as bullish as well (52% bulls vs. 48% bears).
*My other articles are available in the section [https://www.instaspot.com/forex_analysis/?sorting=time&author=46]*
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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