EURUSD Technical Analysis
Solid ECN – EUR/USD rose from the 61.8% Fibonacci retracement level yesterday and is now testing the descending trendline near 1.07.
The technical indicators are bullish, but for the uptrend to resume, the price must close and stabilize above the trendline. If this happens, the euro will strengthen against the dollar, with the next milestone likely at 1.088.
We recommend closely monitoring price movements near the bearish trendline and checking lower timeframes, such as the 4-hour chart, for bearish candlestick patterns. If the bulls fail to close above the trendline, EUR/USD could face renewed selling pressure, potentially pushing the price down to the 50% Fibonacci support level.