EUR/USD Faces Deep Decline as It Breaks Out of Price Channel
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The EUR/USD chart shows a significant drop as the price has fallen out of the previous price channel. Currently, the price is hovering around $1.09750, below the resistance level of $1.09873, with a risk of further decline towards the support at $1.09273.
The EMA 34 and EMA 89 are positioned above the price, reinforcing downward pressure, indicating that the bullish trend has weakened. While the buyers are attempting to push the price back into the channel, selling pressure remains dominant.
A failed test of the $1.09873 resistance level will likely push the price further down, especially with key U.S. economic news expected in the coming days.
The EMA 34 and EMA 89 are positioned above the price, reinforcing downward pressure, indicating that the bullish trend has weakened. While the buyers are attempting to push the price back into the channel, selling pressure remains dominant.
A failed test of the $1.09873 resistance level will likely push the price further down, especially with key U.S. economic news expected in the coming days.
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