The EURUSD currency pair has maintained a bullish trend on the daily chart despite multiple rejections at various supply zones. The price action is still above the 50-SMA and 200-SMA, indicating a bullish trend. However, the pair shows bearish reversal signals on the daily timeframe with a down candle close below the 2nd supply zone, and it's uncertain whether the price will pull back to the anticipated demand zone.
The 4-hour chart shows signs of weakness, with the RSI displaying divergence, while the 1-hour chart indicates a gradual fading of bullish pressure. The 50-SMA on both charts may act as support for the bullish trend. Two targets have been set at 1.03989 and 1.01158, respectively, with the first demand zone at 1.06824.
High-impact news for the US Dollar is expected to affect the currency pair. The key takeaway is to keep an eye on the 50-SMA and 200-SMA as indicators of the bullish trend and be prepared for potential changes in the trend if the price breaks support levels.
The 4-hour chart shows signs of weakness, with the RSI displaying divergence, while the 1-hour chart indicates a gradual fading of bullish pressure. The 50-SMA on both charts may act as support for the bullish trend. Two targets have been set at 1.03989 and 1.01158, respectively, with the first demand zone at 1.06824.
High-impact news for the US Dollar is expected to affect the currency pair. The key takeaway is to keep an eye on the 50-SMA and 200-SMA as indicators of the bullish trend and be prepared for potential changes in the trend if the price breaks support levels.
