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EUR/USD

T E C H N I C A L _ A N A L Y S I S E U R / U S D Good Morning Visitors. Let’s focus on the EUR/USD price action. EUR/USD is trading at 1.0429 at the time of writing. The US dollar index is in positive territory, which indicates that the US currency is gaining, and as a result, the EUR/USD market is in a negative trend. According to this time frame, EUR/USD is a bearish market in the long run. Currently, The Relative Strength Index (RSI) indicator is giving a sell signal in the chart because The Relative Strength Index (RSI) is at 49.1076. At the same time, the moving average convergence divergence (MACD) technical indicator has left the positive zone and is moving towards the support zone. I suppose that the decrease will continue from the current levels. The moving averages indicate the presence of a bearish trend for EUR/USD. EUR/USD is trading just below the 20-day exponential moving average. At the same time, the 50-day exponential moving average is also above the current EUR/USD price which shows a bearish signal.

EUR/USD

On the upside, immediate resistance is near the 1.0610 level. If EUR/USD breaks the 1.0610 resistance then it can see further strength. After that, if at this time EUR/USD breaks the resistance of 1.0610, then EUR/USD can strengthen and go up to 1.0996. On the other hand, on the downside, immediate support is near the 1.0340 level. But if the support below 1.0340 is broken, then EUR/USD may weaken and fall down. After that, EUR/USD will decline further toward the 0.9565 level of support which is the 3rd level of support. I hope the market price can go down from here. This week pressure of sellers increased on the EUR/USD. So I think the EUR/USD price will decrease and touch the support. The indicators used in the chart: MACD indicator: RSI indicator period 14: 50-day exponential moving average color Orange: 20-day exponential moving average color Magenta:
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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