EUR/USD Faces Strong Downside Risk as USD Strengthens
The EUR/USD chart shows a continuing bearish trend forming. The price is currently hovering around $1.09666, testing the critical support level at $1.09628.
If this support fails to hold, the market may see another drop towards the deeper support at $1.09450.
The 34 and 89 EMA lines indicate a continuing downtrend, reinforcing the sellers' dominance. With selling pressure still strong, the price is likely to decline further unless buyers make a significant push.
On the news front, rising tensions in the Middle East are keeping safe-haven assets like the USD strong, causing the Euro to weaken.
If this support fails to hold, the market may see another drop towards the deeper support at $1.09450.
The 34 and 89 EMA lines indicate a continuing downtrend, reinforcing the sellers' dominance. With selling pressure still strong, the price is likely to decline further unless buyers make a significant push.
On the news front, rising tensions in the Middle East are keeping safe-haven assets like the USD strong, causing the Euro to weaken.
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