EURUSD declines? What is the reason?
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Dear friends, it's RKarina again. Are you curious about the next trend of EURUSD? Here are some insights I have about this currency pair.
Looking at the daily chart, we can see that the previous upward momentum of EURUSD is gradually weakening, especially as it started to decline from the near 1.111 level. The trend seems to be shifting sideways and may even decrease further, especially as the RSI indicator and candlestick patterns are showing divergence, indicating a gradual decrease in buying pressure.
Furthermore, the recent weakness of the US dollar (USD) has not generated significant momentum for EUR/USD, and has even added downward pressure on this currency pair.
For these reasons, RKarina sets a target and expects EURUSD to decrease to the support level of 1.076.
Looking at the daily chart, we can see that the previous upward momentum of EURUSD is gradually weakening, especially as it started to decline from the near 1.111 level. The trend seems to be shifting sideways and may even decrease further, especially as the RSI indicator and candlestick patterns are showing divergence, indicating a gradual decrease in buying pressure.
Furthermore, the recent weakness of the US dollar (USD) has not generated significant momentum for EUR/USD, and has even added downward pressure on this currency pair.
For these reasons, RKarina sets a target and expects EURUSD to decrease to the support level of 1.076.
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