The EUR/USD price has formed a bearish wedge and is currently sitting on an important support zone. If this zone is lost, it could trigger a major bearish wave in the market. As of now, it’s not recommended to enter a position since none of the dynamic support and resistance levels have been broken. However, it’s worth noting that the RSI has already broken below its dynamic resistance, indicating a higher chance of a descending wave to come. Traders should keep an eye on the price action and wait for a clear signal before making any decisions. Overall, the EUR/USD market is currently showing signs of bearish momentum and traders should be cautious when making any trading decisions.
• There is a resistance level at 1.07200 followed by resistance at 1.07850 and 1.08560
• There is a support level at 1.05750. Below, there is 1.05500 and 1.04888.
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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