Hello, dear traders. If you are looking for accurate forex and metals trading signals, then you are in the right place. Today, we have an EURUSD technical analysis. Let’s dive into the analysis without further delay.
Today’s EURUSD Technical analysis and trading signals by Guriforex.com:
The EURUSD pair has recently breached below its ascending channel, signaling a potential shift in market sentiment. As the price approaches the crucial 1.1130 support level, traders are on high alert, watching for the next move. The Relative Strength Index (RSI) has exited the overbought zone, further hinting at the possibility of bearish momentum building in the market.
📉 Technical Analysis:
- Breaching the Ascending Channel: The break below the ascending channel indicates that the recent bullish trend might be weakening. This is a key signal for traders, as it often precedes further downside movement.
- RSI Oscillator: The RSI, a popular momentum indicator, has moved out of the overbought zone. This exit suggests that the buying pressure is easing, and the bears may start to take control.
🔍 Critical Levels to Watch:
- Bullish Scenario: If the EURUSD manages to hold above the 1.1130 support level, there’s potential for a rebound. In this case, the price could rally towards the 1.1220 level, signaling a recovery in bullish momentum.
- Bearish Scenario: However, if the pair breaks below the 1.1130 support, it could trigger a deeper decline. The next target for the bears would be around 1.1050, where the pair may find its next support.
💭 What’s Your Position?
- 📈 Bullish: Do you think the EURUSD will bounce back from the 1.1130 support? This could be a chance to go long and target the 1.1220 level.
- 📉 Bearish: Or do you believe the breach of the ascending channel and the RSI signal indicate further downside? A break below 1.1130 might be an opportunity to sell.
💬 Engage with Us! Click ❤️ if you’re buying EURUSD, or hit 👍 if you’re selling. We’d love to hear your thoughts on the pair’s next move!