Today, EURUSD continues to trade around the support level of 1.080, with the outlook for this currency pair still leaning towards a downward trend. The overall trend indicates a long-term decline, with prices fluctuating below both the 34 and 89 EMA lines.
Furthermore, the modest increase in the US Dollar (USD) has led to a similar modest decrease in EUR/USD. In the event of a successful break below the current support level, I will sell this currency pair with a target of 1.070.
This analysis suggests that bearish momentum may persist for EURUSD in the near term, supported by both technical indicators and the broader market sentiment surrounding the US Dollar. Traders should monitor developments closely and consider appropriate risk management strategies when trading this currency pair.