Continues Bearish Momentum, Heading Towards 1.0830 Support
On the EUR/USD 1-hour chart, we can see that the price is in a bearish trend with the 34 and 89 EMAs sloping down, further reinforcing the short-term bearish bias. Currently, the price has bounced off the minor resistance near 1.0870 and is moving towards the support zone around 1.0830 – 1.0820
My main scenario is that the price will continue to decline after testing the short-term resistance zone, heading towards the marked support zone. If the price breaks below this support zone, the bearish momentum could continue and push the price further down.
In terms of trading strategy, it is possible to consider short orders when the price turns down at resistance levels, especially when the price cannot hold above the EMA 34 and 89. However, it is necessary to monitor further signals from the support zone to see if the price reacts to recover before deciding on the next steps.
My main scenario is that the price will continue to decline after testing the short-term resistance zone, heading towards the marked support zone. If the price breaks below this support zone, the bearish momentum could continue and push the price further down.
In terms of trading strategy, it is possible to consider short orders when the price turns down at resistance levels, especially when the price cannot hold above the EMA 34 and 89. However, it is necessary to monitor further signals from the support zone to see if the price reacts to recover before deciding on the next steps.
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