EURUSD Technical Analysis: Bears Failed to Crosse the Cloud
Solid ECN - The EURUSD currency pair is trading below the Ichimoku cloud, with the price at 1.076 at the time of writing. The bullish momentum that started from 1.072 could not extend beyond the 50% Fibonacci resistance level, the 1.0805 mark. Interestingly, the technical indicators are bearish, with the RSI indicator hovering below the 50 level, and the Awesome Oscillator bars are in red and on the verge of flipping below the signal level.
According to the technical data we receive from the EURUSD 4-hour chart, it is likely for the pair’s price to decline and return below the bearish flag. If this scenario comes into play, the first target could be the recent lower lows, the 1.07228.
Conversely, suppose the bulls stabilize the price above the 50% Fibonacci. In that case, the bearish scenario should be invalidated, and the EURUSD price could climb to %78.6, in conjunction with the upper line of the bearish channel.
This is a technical analysis perspective, and actual market conditions may vary. Always consider multiple factors when making trading decisions.