EUR/USD Mid-Day Outlook Analysis
Tuesday, 23 July 2024, 13:32
EUR/USD Mid-Day Outlook
The EUR/USD currency pair has recently experienced significant changes in its trading structure. The break of the 1.0871 support indicates a potential trend shift.
Key Observations
- Short-term top formed at 1.0947
- Bearish divergence seen in 4H MACD
- Intraday bias now directed towards the downside
Outlook
The focus remains on the 55-day EMA, currently at 1.0810. A clear break below this level would reinforce the view that the upward movement from 1.0601 has concluded.
Conclusion
In summary, with the resistance at 1.0947 still holding, the risks are skewed towards further declines, targeting the support zone of 1.0601/0665.
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.