EURUSD is moving near Support zone($1.039-$1.033) and 100_SMA(4-hour).
According to the theory of Elliott waves, it seems that the EURUSD has succeeded in completing the corrective Zigzag(ABC/5-3-5), and we should wait for the EURUSD to rise again. One of the signs of completion can be a Bullish Engulfing Candlestick Pattern with a suitable volume.
I expect EURUSD to rise to Resistance zone($1.0534-$1.0448) after breaking the Resistance lines.
Note: If EURUSD goes below $1.0333, we can expect more dumps.
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Euro/U.S.Dollar Analyze (EURUSD), 1-hour time frame.
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The sharp gap down(Breakaway Gap) in EURUSD at market open today is likely due to:
Eurozone Inflation Surge: January inflation unexpectedly rose to 2.5%, but the ECB remains dovish.
US-EU Trade War Concerns: Potential US tariffs on EU imports weaken the euro.
Diverging Monetary Policies: ECB rate cut expectations contrast with Fed’s stable stance.
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I am looking for a short position, and it was activated.
Regarding Technical Analysis, EURUSD has managed to break the Support zone($1.039-$1.033) and 100_SMA(4-hour) and Support lines, which is a sign of the weakness of the EUR against the USD and the possibility of a further fall of the EURUSD.
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