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EURUSD → Correction before the fall. The trend is still downward

2024-02-12 08:20 FOREX forecast

💡 Ideas For EURUSD 🇪🇺🇺🇸

📈 EURUSD → Correction before the fall. The trend is still downward

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EURUSD is forming a counter-trend correction towards the liquidity zone and resistance. The currency pair is forming a bearish trend and may continue falling from the resistance

snapshot

The currency pair reaches the support at 1.07254 and forms a correction towards the liquidity zone, presumably it is 1.0820 - 1.08215. On the background of a strong bearish trend, which is defined by the strengthening Dollar Index, the euro may continue to lose its positions after the retest of 1.08200. At the moment there are no reasons for the end of the downtrend, as the general fundamental background is the same - the dollar is strong with the confident support of the US regulators. The trend may change on the background of news related to the interest rate, but there is no such news yet.

Resistance levels: 1.08215

Support levels: 50-MA, 1.0780, 1.0724

There is an assumption that the correction may end in the trend resistance zone, then, based on TA and fundamental background, the currency pair may continue to decline.

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