EURUSD Bearish Outlook
Solid ECN – As of the latest trading session, the Euro continues to decline, trading at approximately 1.07 against the U.S. dollar, notably below the 38.2% Fibonacci retracement level. The current technical indicators support the bearish outlook; the Awesome Oscillator (AO) has dipped below zero, while the Relative Strength Index (RSI) remains under the median line, suggesting weakened momentum.
The EUR/USD downtrend appears poised to continue as it trades below a significant descending trendline. The primary resistance level is at the 50% Fibonacci level of 1.079.
If this resistance holds, the downtrend initiated on May 3rd will likely extend, potentially reaching a target of 1.069. This target aligns with the ascending trendline and the 23.6% Fibonacci level, providing a technical confluence that supports the bearish scenario.