EUR/USD Eyes Resistance at 1.0350 Before Potential Downtrend
The EUR/USD pair is currently consolidating near the 1.0300 level after a minor recovery, with the price testing the 0.618 Fibonacci retracement level at approximately 1.0320. The 4-hour chart reveals a bearish structure, as the price remains below both the EMA 34 and EMA 89, which act as dynamic resistance zones.
Key technical levels to monitor:
Resistance Zone: The price faces strong resistance near 1.0350–1.0430, marked by a confluence of the EMA 89 and the upper resistance zone (highlighted in red). A rejection from this level could signal a continuation of the downtrend.
Support Levels: Immediate support lies at 1.0250, with a major support zone at 1.0170. If the price breaks below 1.0170, the 1.618 Fibonacci extension at approximately 1.0020 (highlighted in blue) becomes the next critical target.
Projected Movement: The price may attempt to retest the 1.0350–1.0430 resistance zone before resuming the downtrend. Failure to break higher would increase the probability of a move towards the 1.0170 support and potentially lower.
Trading Strategy:
Short Position: Look for bearish confirmation around the 1.0350–1.0430 zone, targeting 1.0170 and 1.0020. Place stop-loss above 1.0450.
Long Position: If the price manages to break and sustain above 1.0430, a reversal towards 1.0500 could be considered.
Key technical levels to monitor:
Resistance Zone: The price faces strong resistance near 1.0350–1.0430, marked by a confluence of the EMA 89 and the upper resistance zone (highlighted in red). A rejection from this level could signal a continuation of the downtrend.
Support Levels: Immediate support lies at 1.0250, with a major support zone at 1.0170. If the price breaks below 1.0170, the 1.618 Fibonacci extension at approximately 1.0020 (highlighted in blue) becomes the next critical target.
Projected Movement: The price may attempt to retest the 1.0350–1.0430 resistance zone before resuming the downtrend. Failure to break higher would increase the probability of a move towards the 1.0170 support and potentially lower.
Trading Strategy:
Short Position: Look for bearish confirmation around the 1.0350–1.0430 zone, targeting 1.0170 and 1.0020. Place stop-loss above 1.0450.
Long Position: If the price manages to break and sustain above 1.0430, a reversal towards 1.0500 could be considered.
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