EUR/USD Technical Analysis: Bearish Reversal Near Key Resistance
As of the current price of 1.104, the EUR/USD pair continues to exhibit a long-term bearish trend dating back to 2008. The historical chart reveals a clear pattern of price fluctuations within a defined range, oscillating between established support and resistance levels.
Currently, the price is approaching a significant resistance zone. This resistance level represents a historical high, where the price has previously struggled to break through, indicating a potential for lower high history to repeat itself.
Given the proximity to this resistance level, there is a notable opportunity for a bearish move. This is illustrated by the blue arrow on the chart, suggesting that the price may decline towards the designated target area, marked by the blue rectangle.
Do you agree with this analysis?
Currently, the price is approaching a significant resistance zone. This resistance level represents a historical high, where the price has previously struggled to break through, indicating a potential for lower high history to repeat itself.
Given the proximity to this resistance level, there is a notable opportunity for a bearish move. This is illustrated by the blue arrow on the chart, suggesting that the price may decline towards the designated target area, marked by the blue rectangle.
Do you agree with this analysis?
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