FX.co ★ Arslanali654050 | EUR/USD

General Points of EURUSD: The G-20 meetings and the speech by the ECB President have not provided any positive momentum for the EURUSD pair. It seems that these events did little to impact the market favorably for the Euro. Currently, we are witnessing a clear downward trend in the EURUSD market, with sellers taking control. The market is trading at the 1.0548 level, which is significantly lower than its previous highs, and there is a strong possibility that it could continue to move lower throughout the day. This trend suggests the market will remain in favor of the sellers for the duration of today's trading session. Hence, this bearish outlook is supported by the current economic data and the news events scheduled for release today. High-impact US economic reports are expected to drive additional volatility in the market. Among the most significant are the Philly Fed Manufacturing Index and the US Unemployment data, both of which have a strong influence on the US dollar. A positive outcome from these reports could further strengthen the US dollar and add downward pressure to the EURUSD pair.

Hence, I anticipate that EURUSD may experience further declines in the near term. The next key support level to watch will be the 1.0500 level, which could serve as a psychological and technical barrier for the pair. If the market continues its bearish momentum and breaks through this level, it could signal an even deeper retracement, opening the door for further losses. The current sentiment and the upcoming news events suggest significant movement today. Hence, the EURUSD market appears to be in a strong bearish phase, with the trend leaning towards the sellers. The market's current position at 1.0548 suggests that it may continue its downward movement, potentially reaching or even breaking below the 1.0500 level. With high-impact US economic data expected, the market's reaction to these reports will likely determine whether this bearish trend continues or reverses. It is important to remain cautious and be prepared for volatility in the market.