EURUSD Drops Sharply, Awaiting a Test of Support at 1.03869
Today, EURUSD continues its downward trend, trading around 1.04186, under pressure from EMA 34 (1.05248) and EMA 89 (1.06202).
The price is consolidating within a narrow range, with a high probability of testing the key support at 1.03869. If the price recovers, the resistance zone at 1.05167 will be a crucial level to break for confirming a bullish signal.
However, selling pressure remains dominant, reinforced by rising U.S. bond yields and weak economic data from the ECB.
Traders should closely monitor price action around these support and resistance levels to adjust their trading strategies accordingly.
The price is consolidating within a narrow range, with a high probability of testing the key support at 1.03869. If the price recovers, the resistance zone at 1.05167 will be a crucial level to break for confirming a bullish signal.
However, selling pressure remains dominant, reinforced by rising U.S. bond yields and weak economic data from the ECB.
Traders should closely monitor price action around these support and resistance levels to adjust their trading strategies accordingly.
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