EU is witnessing a decline below the 1.075 breakout support during Wednesday's Asian session. This decline is primarily attributed to the strengthening of the US Dollar, driven by expectations of higher interest rates from the Federal Reserve. This has bolstered the USD while putting pressure on the EUR. Both fundamental and technical indicators suggest market weakness, indicating a bearish scenario currently.
Analysis of the chart reveals that bearish momentum persists, with a temporary slowdown observed around the 1.0742 level for several hours. This temporary respite might lead to a minor recovery in the midst of the bearish market phase. However, any attempts at recovery are likely to be short-lived, especially when nearing the resistance level, as indicated by the EMA 34.89 technical indicator favoring selling. Given the overall negative context of the currency pair, further weakness in EUR/USD can be anticipated in the medium term.
Analysis of the chart reveals that bearish momentum persists, with a temporary slowdown observed around the 1.0742 level for several hours. This temporary respite might lead to a minor recovery in the midst of the bearish market phase. However, any attempts at recovery are likely to be short-lived, especially when nearing the resistance level, as indicated by the EMA 34.89 technical indicator favoring selling. Given the overall negative context of the currency pair, further weakness in EUR/USD can be anticipated in the medium term.