EUR/USD FORECAST – TECHNICAL ANALYSIS
EUR/USD ticked up on Tuesday but failed to decisively push past confluence resistance between 1.0865 and 1.0880, where the 50% Fibonacci retracement of last year’s decline intersects a key short-term descending trendline. Traders should continue to watch this ceiling in the coming days, bearing in mind that a bullish breakout could set the stage for a rally toward 1.0980.
In the event of sellers successfully defending the technical zone at 1.0865/1.0880, we could see downside pressure drive the exchange rate down toward support at 1.0810. The pair may stabilize around this floor during a pullback before resuming its ascent. However, if a breakdown occurs, a retest of the 200-day simple moving average at 1.0790 could be imminent, with attention then transitioning to 1.0775@Forexia.online.
