FX.co ★ A33x | EUR/USD

EURUSD Chart Review: Let's keep an eye on the movement of the EUR/USD pair in the upcoming trading session. The daily chart shows an interesting development. The Momentum is expected to fall below 1.15988 today. After that, sellers will push the price down to the next support level of 1.14488. The main range of the EUR/USD pair represents the boundary of the first descending momentum - zone, and its success depends on whether the sellers can hold the upper limit of this zone (currently 1.16588). So, If the sellers can achieve this, the EUR/USD pair will continue its descending momentum toward the lower limit of 1.14118, but this is unlikely to happen anytime soon. The reaction at 1.14118 is difficult to predict, and under certain conditions, the buyers may resume trading above this level and achieve new highs.

However, according to TS, this scenario is very unlikely, and we can only speculate that the 1.14118 level will not be held for long. That is why, The ascending channel indicates a downside - target, with the horizontal line at 1.14488. While there is a strong possibility of recovery and continued growth, we believe it is more appropriate to monitor developments closely at this time. Theoretically, the prices could fall, but the news coming from the EU is very positive. However, the start of the new year itself is an indicator of market uncertainty, and as is typical, it comes with increased volatility and the possibility of both downside and upside targets.