EUR/USD Technical Analysis Reveals Obstacles for Upsides
Sunday, 6 October 2024, 19:33
Current Market Situation
EUR/USD started a fresh decline below the 1.1080 support. This movement indicates a shift in market sentiment, raising questions about the sustainability of recent gains.
Breaching Key Support Levels
The pair traded below a key bullish trend line with support at 1.1145 on the 4-hour chart. This breach signifies critical resistance levels that could challenge any upward momentum.
Potential Outlook
- Bearish Trend Continuation: If the pair continues below 1.1080, sellers may gain control.
- Monitoring Resistance: Traders should closely watch the 1.1145 mark for potential rebounds.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.