EUR/USD Approaches Resistance: Breakout or Pullback?
The EUR/USD pair is approaching a significant resistance area around 1.09112, which may exert strong pressure and hinder the euro’s upward momentum.
The 4-hour chart shows the 34 and 89 EMAs positioned above the current price, acting as dynamic resistance levels. If the pair fails to break through this resistance zone, there’s a high probability of a pullback toward the 1.08559 support level or possibly even lower.
The short-term trend for EUR/USD remains unclear, with an ascending trendline forming since the end of last month. However, if the price breaks below this trendline, strong selling pressure may emerge, driving the pair down to deeper support zones.
Recent news of traders’ defensive stance ahead of the U.S. election has weakened the USD, giving EUR/USD a chance to rise as the euro benefits from the dollar's decline.
The 4-hour chart shows the 34 and 89 EMAs positioned above the current price, acting as dynamic resistance levels. If the pair fails to break through this resistance zone, there’s a high probability of a pullback toward the 1.08559 support level or possibly even lower.
The short-term trend for EUR/USD remains unclear, with an ascending trendline forming since the end of last month. However, if the price breaks below this trendline, strong selling pressure may emerge, driving the pair down to deeper support zones.
Recent news of traders’ defensive stance ahead of the U.S. election has weakened the USD, giving EUR/USD a chance to rise as the euro benefits from the dollar's decline.
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