EUR/USD at Resistance 1.08914: Correction or Breakout?
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The current EUR/USD chart shows the currency pair facing selling pressure as it approaches the resistance zone at 1.08914. This level could hinder further gains, and if it fails to break through, EUR/USD may correct towards the support zone around 1.07684. This is a key level where buyers might seek a bounce opportunity.
The 34 and 89 EMAs continue to act as major resistance, reflecting the ongoing short-term downtrend. With the current technical signals, a prudent strategy would be to wait for price reactions at the resistance and support levels to determine the next direction, rather than rushing into trades.
News Update: On October 30, 2024, the U.S. dollar softened slightly from its recent highs, pausing its recent rally ahead of key macroeconomic data releases that could shift rate-cut expectations.
The 34 and 89 EMAs continue to act as major resistance, reflecting the ongoing short-term downtrend. With the current technical signals, a prudent strategy would be to wait for price reactions at the resistance and support levels to determine the next direction, rather than rushing into trades.
News Update: On October 30, 2024, the U.S. dollar softened slightly from its recent highs, pausing its recent rally ahead of key macroeconomic data releases that could shift rate-cut expectations.
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