Dear friends,
Today, EURUSD continues to trade in a downward trend. At the time of writing, this currency pair is trading at 1.0771 and is gradually forming price reactions around the EMA 34 technical indicator.
Currently, the US dollar is struggling to find demand after Tuesday's decline and is helping this currency pair maintain its position ahead of the US mid-range data and Fedspeak. However, the price still has many short-term downside opportunities in the future as it still does not have any support to push the exchange rate to high levels.
My goal is still to wait for a price reaction, and if the bearish scenario occurs around the aforementioned EMA zone, it will correspond to a Fibonacci-based price decrease with the final touch zone emphasized at 1.618, which is 1.0611.
What about you? Do you agree with my conclusion?
Today, EURUSD continues to trade in a downward trend. At the time of writing, this currency pair is trading at 1.0771 and is gradually forming price reactions around the EMA 34 technical indicator.
Currently, the US dollar is struggling to find demand after Tuesday's decline and is helping this currency pair maintain its position ahead of the US mid-range data and Fedspeak. However, the price still has many short-term downside opportunities in the future as it still does not have any support to push the exchange rate to high levels.
My goal is still to wait for a price reaction, and if the bearish scenario occurs around the aforementioned EMA zone, it will correspond to a Fibonacci-based price decrease with the final touch zone emphasized at 1.618, which is 1.0611.
What about you? Do you agree with my conclusion?
