EURUSD
Last week, the EUR/USD tried to rise above a downward trend channel but didn’t succeed, so the channel is still active. The highest point reached was 1.0640, but it ended the day below the downward trend line, which might mean the trend line is still valid.
If it rises above the trend line, it could face resistance at 1.0620, 1.0640 and 1.0675, which are previous high points. Further up, there could be resistance at an earlier peak of 1.0737, which is currently where the 55-day simple moving average (SMA) is. Beyond that, another earlier high point near 1.0770 could also offer resistance.
A bearish triple moving average (TMA) pattern happens when the price is below the short-term SMA, which is below the medium-term SMA, which is in turn below the long-term SMA. All SMAs also need to be decreasing.
When looking at any combination of the 21-, 34-, 55- and 100-day SMAs, if they meet these conditions, it might suggest that a bearish momentum is developing.
On the downside, support might be found near the low points of early 2023 that were tested at the start of this month, with 1.0480 and 1.0440 as potential important levels.