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As of writing, EUR/USD was trading near 1.0365, again failing to break through the 1.0390 key resistance level (200 EMA on the daily chart). Below this resistance level, EUR/USD remains in the global bear market zone. However, for their resumption, the price needs to go below the 1.0230 support level (144 EMA on the daily chart). Below these levels, short positions remain preferable.
In this case, the nearest downward targets will be significant support levels 1.0090 (local level), 1.0020 (50 EMA on the daily chart, 200 EMA on the 4-hour chart), 1.0000 (parity).
In an alternative scenario and in case of a break through the 1.0390 resistance level, an upward correction will send EUR/USD towards the next key resistance level at 1.0500 (50 EMA on the weekly chart).
Further growth is still unlikely. In general, the global downward dynamics of EUR/USD remains, and from a fundamental point of view, we should expect a resumption of decline at least and, as a maximum, a further fall of the pair towards 20-year lows, when it was trading near 0.8700, 0.8600.
Support levels: 1.0230, 1.0090, 1.0020, 1.0000, 0.9745, 0.9700, 0.9600, 0.9535, 0.9500, 0.9400, 0.9300, 0.9200, 0.9000
Resistance levels: 1.0390, 1.0500
Trading Tips
Sell Stop 1.0320. Stop-Loss 1.0420. Take-Profit 1.0230, 1.0090, 1.0020, 1.0000, 0.9745, 0.9700, 0.9600, 0.9535, 0.9500, 0.9400, 0.9300, 0.9200, 0.9000
Buy Stop 1.0420. Stop-Loss 1.0320. Take-Profit 1.0490, 1.0500
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