Downtrend Persists as Channel Resistance Holds – Forex Market Analysis – ForexCycle.com
The EURUSD pair continues to face downward pressure as it fails to break above the falling price channel on the 4-hour chart. This suggests that the downtrend from the 1.0948 level remains intact. Let’s break down the key levels and potential scenarios:
Bearish Outlook:
- The pair is expected to see further decline in the coming days.
- Next target levels to watch:
- 1.0770
- 1.0725
Potential Bullish Scenario:
- A breakout above the channel resistance could push the price to the 1.0870 resistance level.
- If the pair manages to surpass 1.0870, it would indicate that the downward move has completed.
- In this case, we might see another rise towards the 1.0948 resistance.
Key Levels to Monitor:
- Resistance: Channel top, 1.0870, 1.0948
- Support: 1.0770, 1.0725
As always, traders should use proper risk management techniques and consider multiple timeframes when making trading decisions. Keep an eye on economic releases and central bank announcements, as these can significantly impact currency pairs.
