EUR/USD Facing Strong Selling Pressure, Awaiting ECB Rate Decisi
The EUR/USD is in a clear downtrend, trading around 1.08545 after failing to break through the EMA 34 and EMA 89 at 1.08750 and 1.08970, respectively. These are key resistance levels, and each rejection has triggered strong selling activity.
Current support is at 1.08500, and if this holds, a slight recovery to the resistance zone may occur. However, the primary trend remains bearish, with the potential to drop further to 1.08300.
Both EMA 34 and EMA 89 are sloping downwards, signaling dominant selling pressure. Traders should be cautious with short-term buys and focus on entry points based on breakout signals at support or resistance levels to determine the next trend.
Regarding news: The ECB's rate decision on October 17 will have a significant impact on the euro, amid pressure from weak economic data in the Eurozone, particularly from Germany.
Current support is at 1.08500, and if this holds, a slight recovery to the resistance zone may occur. However, the primary trend remains bearish, with the potential to drop further to 1.08300.
Both EMA 34 and EMA 89 are sloping downwards, signaling dominant selling pressure. Traders should be cautious with short-term buys and focus on entry points based on breakout signals at support or resistance levels to determine the next trend.
Regarding news: The ECB's rate decision on October 17 will have a significant impact on the euro, amid pressure from weak economic data in the Eurozone, particularly from Germany.
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