EUR/USD Under Strong Selling Pressure in a Descending Channel
The pair continues moving within a descending channel, reflecting strong selling pressure. Currently, the price hovers around 1.08006 after testing the resistance zone at 1.08295.
The EMA 34 and 89 are acting as dynamic resistance levels, keeping the price within the downward trend. If this resistance is not broken, EUR/USD is likely to continue its downward momentum, possibly retesting previous lows.
In terms of news, expectations of ECB tightening and positive U.S. retail data are pushing EUR/USD lower, with rising U.S. bond yields also playing a significant role.
The EMA 34 and 89 are acting as dynamic resistance levels, keeping the price within the downward trend. If this resistance is not broken, EUR/USD is likely to continue its downward momentum, possibly retesting previous lows.
In terms of news, expectations of ECB tightening and positive U.S. retail data are pushing EUR/USD lower, with rising U.S. bond yields also playing a significant role.
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