The EURUSD pair has shown a significant upward move in the recent past, with the price line ascending and reaching out to a resistance level. However, this resistance level has proved to be a barrier, with the pair failing to break through it. This has resulted in the formation of a negative divergence pattern in the candlestick charts, which is indicative of a potential trend reversal. Additionally, the MACD histograms are also showing weakness in the bullish wave, which suggests that the upward momentum may be losing steam. These factors combined indicate that the trend reversal phase may be taking place, and we may see a downward move in the EURUSD pair in the near future. It is important to note, however, that these are just signals and do not necessarily indicate a definitive trend reversal. Traders and investors should exercise caution and closely monitor the price movements and other technical indicators before making any trading decisions.
• There is a resistance level at 1.10000 followed by resistance at 1.10330 and 1.11300.
• There is a support level at 1.07545. Below, there is 1.04000 and 1.02424.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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