EUR/USD: Holding Above Support Amidst DowntrendChart Analysis:
The EUR/USD pair has been in a sustained downtrend, but recent price action suggests stabilization near a key support zone at 1.0340.
1️⃣ Support Level:
The horizontal level at 1.0340 has held firm, providing a key area of interest as price consolidates. A break below could lead to further downside, while a bounce may signal short-term recovery.
2️⃣ Moving Averages:
50-SMA (blue): Positioned at 1.0459, acting as a dynamic resistance for price attempts to move higher.
200-SMA (red): Located at 1.0539, reflecting the broader bearish trend and providing additional resistance above.
3️⃣ Momentum Indicators:
RSI: At 44.70, showing bearish bias but holding above oversold territory, indicating a potential consolidation phase.
MACD: Bearish momentum remains intact but shows signs of flattening, suggesting waning downside pressure.
What to Watch:
A decisive break below 1.0340 could signal a continuation of the downtrend, targeting lower levels.
If the support holds, the pair may test the 50-SMA resistance near 1.0459.
The EUR/USD remains bearish overall, but the current consolidation near key support could lead to a short-term directional move.
-MW
