Since the beginning of the year,
EURUSD
has been in a downtrend. Despite occasional reversals from the lows, a broader examination reveals a pattern of lower highs.
Recently, once again, EURUSD reversed from the 1.06 zone low, but its ascent was halted just below the descending trend line, followed by a resumption of the downward movement.
Moreover, the recent rise forms a bearish flag pattern, further reinforcing the overall bearish sentiment.
Key support lies at the 1.07 zone, and a breach here could initiate a new downward movement. Subsequently, the next significant support levels are at 1.06 and 1.05.
My bearish outlook persists as long as the price remains below 1.0820.
Recently, once again, EURUSD reversed from the 1.06 zone low, but its ascent was halted just below the descending trend line, followed by a resumption of the downward movement.
Moreover, the recent rise forms a bearish flag pattern, further reinforcing the overall bearish sentiment.
Key support lies at the 1.07 zone, and a breach here could initiate a new downward movement. Subsequently, the next significant support levels are at 1.06 and 1.05.
My bearish outlook persists as long as the price remains below 1.0820.
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