EUR/USD Awaits Breakthrough of Resistance at 1.08986
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Today, EUR/USD saw a slight pullback to around 1.08674. Despite moving in a downtrend, the resistance at 1.08986 plays a key role.
If this resistance is broken, there may be a short-term rally; however, the overall trend remains bearish, with the support level near 1.08211 likely to be retested.
Both the EMA 34 and EMA 89 are acting as dynamic resistance, indicating that any price increase could be temporary before the pair resumes its downward trajectory.
Traders should watch price action closely and wait for confirmation signals before making new trades. If resistance fails to break, the price could fall to 1.07600.
If this resistance is broken, there may be a short-term rally; however, the overall trend remains bearish, with the support level near 1.08211 likely to be retested.
Both the EMA 34 and EMA 89 are acting as dynamic resistance, indicating that any price increase could be temporary before the pair resumes its downward trajectory.
Traders should watch price action closely and wait for confirmation signals before making new trades. If resistance fails to break, the price could fall to 1.07600.
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