EURUSD Technical Analysis
The EURUSD has decisively breached the 1.059 support level, indicating a robust bearish market. With the RSI indicator nearing the oversold territory, we recommend a cautious approach. It would be prudent to wait for the EURUSD pair to rectify the recent sharp declines near the 1.067 weekly pivot. This level presents a substantial demand zone, providing an opportune moment for bears to initiate short trades with less risk than entering the market immediately.
For those already holding short positions in EURUSD, it is advisable to maintain their trades open. The currency pair is likely to aim for the lower band of the declining channel.