The EUR/USD pair is currently experiencing a slight downward trend, with the intraday bias leaning towards the downside. Analysts predict that the fall from the short-term peak of 1.0947 could continue towards the 55-day Exponential Moving Average (EMA) at 1.0813. If there is a sustained break at this level, it could indicate that the entire rebound from 1.0601 has finished with three waves up to 1.0947, targeting the support zone of 1.0601/0665.
On the upside, if the pair manages to surpass the minor resistance at 1.0896, the intraday bias may shift to neutral initially. However, the risk remains tilted towards the downside as long as the resistance at 1.0947 holds in case of any potential recovery.
Looking at the bigger picture, the price movements from 1.1274 are seen as a corrective pattern that is still unfolding. A breakthrough of the resistance at 1.1138 would be the initial indication that the rise from the 2022 low of 0.9534 is prepared to continue towards the high of 1.1274 in 2023. Conversely, a break below the support at 1.0665 would prolong the correction with another downward movement towards the support level at 1.0447.
In the world of forex trading, experts are continually analyzing various factors such as economic indicators, political events, and market sentiment to predict the movements of currency pairs like EUR/USD. Traders rely on these forecasts to make informed decisions and maximize their profits in the volatile forex market. It is essential for traders to stay updated with the latest news and expert analysis to navigate the ever-changing landscape of forex trading successfully. By understanding the technical analysis and expert predictions, traders can develop effective strategies to capitalize on the fluctuations in the EUR/USD pair and other currency pairs.
