- After an unimpressive start to the week, EUR/USD hit intraday lows, inviting bearishness amid weak trading.
- Monday’s Doge Candlestick, MACD’s looming bearish cross is pushing euro sellers toward the upside support line five weeks ago.
- A 7-day downtrend line will hamper any immediate recovery. 50-DMA acts as an additional downside filter.
EUR/USD Accepts Offer To Renew Intraday Low Near 1.0905 To Justify Yesterday’s Bearish Candlestick Formation And Falling MACD Signal On Tuesday Morning Slumped On US Independence Day Holidays there is
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That said, the euro pair reversed from 1.0934 after a strong start to the week, but yesterday’s close was indecisive, marking a bearish Doge candle on the daily chart and reversing Friday’s recovery. suggested.
Moreover, in favor of the EUR/USD bears, the price continues to trade below the downward resistance level from June 22nd (around 1.0920 at the latest).
It’s worth noting that the downside bias surrounding the euro pair will further intensify with the imminent bearish cross of the MACD indicator.
This makes the EUR/USD price look poised to provoke a 5-week upward support near 1.0870. However, the 50-DMA acts as an additional filter heading south, challenging his EUR/USD bear market near 1.0865.
If the EUR/USD remains bearish above 1.0865, Friday’s bottom at 1.0835 could prove to be a last resort for the euro bulls.
Conversely, a daily close above the 1.0920 resistance could trigger a rally towards the psychological magnet of 1.1000 before pointing the bulls towards the previous monthly high of around 1.1015. .
It should be noted that the EUR/USD pair can challenge the yearly high of 1.1095 once it rises above 1.1015.
EUR/USD: Daily chart
Trend: Expect further declines