Price compression signals a strong trend
Currently, EUR/USD is trading around 1.0540, in a clear price compression zone. The 34 and 89 EMAs still show that the downtrend is dominant. The price remaining below these EMAs further reinforces the selling pressure in the market.
Technical analysis:
Nearby resistance: 1.0560 - the 34 EMA zone, where the price may face strong selling pressure if approached.
Nearby support: 1.0520 - this is an important support level, if broken, it will trigger a stronger downtrend.
Price pattern: The price is forming a symmetrical triangle structure, suggesting a possible breakout in the near future.
Personal view:
I see the market waiting for a decisive breakout. If it breaks below 1.0520, the next downside target will be 1.0480. Conversely, if the price breaks above 1.0560, it is likely to test 1.0600. However, with the downward pressure from the strong USD, I am leaning towards the bearish scenario.
Trading Strategy:
Sell: On a break below 1.0520, target 1.0480.
Buy: On a break above 1.0560, target 1.0600.
Technical analysis:
Nearby resistance: 1.0560 - the 34 EMA zone, where the price may face strong selling pressure if approached.
Nearby support: 1.0520 - this is an important support level, if broken, it will trigger a stronger downtrend.
Price pattern: The price is forming a symmetrical triangle structure, suggesting a possible breakout in the near future.
Personal view:
I see the market waiting for a decisive breakout. If it breaks below 1.0520, the next downside target will be 1.0480. Conversely, if the price breaks above 1.0560, it is likely to test 1.0600. However, with the downward pressure from the strong USD, I am leaning towards the bearish scenario.
Trading Strategy:
Sell: On a break below 1.0520, target 1.0480.
Buy: On a break above 1.0560, target 1.0600.
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