💡 EURUSD: May continue to decrease due to economic factors

Stone_Haven Updated   
OANDA:EURUSD   Euro / U.S. Dollar
➡️The Eurozone's industrial sector faces challenges due to sluggish demand in key global markets. Recent data indicates a decline in eurozone industrial output, exceeding market expectations. The trade surplus, adjusted for seasonal factors, has narrowed from August levels due to a drop in export output. These developments suggest that the Eurozone's economic outlook remains uncertain, with limited prospects for significant improvement until global trade regains momentum.

➡️Technical analysis of the EUR/USD pair reveals a potential correction scenario. The MACD histogram bar and double line are expanding near the zero axis, while the price is nearing the 48-hour moving average. Given the weak economic data from the Eurozone, further downside for the Euro cannot be discounted.
Trade active:
Resistance cannot be broken through
Buyers continuously push prices up with quite good momentum. However, the price has not really escaped the current resistance zone yet. The market structure we see is still bullish, so temporarily observe price action first.

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