- EUR/USD quickly loses control and is trading at fresh lows near 1.0540.
- Next comes the 2023 low at 1.0481.
The bearish pressure picks up and forces the EUR/USD to create new monthly lows in the 1.0545/40 area by the end of the week.
In cash, if sellers push harder, the pullback could extend to the 2023 low at 1.0481 (Jan 6), an area bolstered by the approach of the temporary 100-day SMA at 1.0449 today.
Longer-term, the constructive view remains as long as it holds above the 200-day SMA at 1.0329 today.
EUR/USD daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
