EUR/USD Technical analysis

Source: Dukascopy Bank SA
EUR/USD 1-hour chart currently exhibits a short-term bearish bias, with the price trading at approximately 1.15706, following a distinct downtrend after peaking mid-month. The technical picture is confirmed by the price trading below the 90-period Simple Moving Average SMA, which acts as dynamic resistance near 1.16049. Momentum is also weak, as shown by the RSI reading of 42.24362, placing it in the neutral/bearish zone below 50. The pair is at a critical juncture, testing the immediate psychological support S1 at 1.15700.



If this support fails, the price is likely to drop to the next structural support levels at 1.15500 and 1.15300. Conversely, a clear rebound from 1.15700 and a decisive break above the 1.16049 SMA would signal a bullish reversal or correction, opening the path to retest resistance at 1.16100.

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