3 min readEURO VS DOLLAR (EUR/USD):
The EUR/USD pair continues to decline, approaching “extreme” levels of interest on the higher timeframes. It has recently tapped into a significant weekly support zone, which aligns perfectly with the psychological level of 1.05000.
Examining the technicals more closely, I will now be watching for potential short-term pullbacks to higher price levels before the downward trend resumes. Specifically, I’m interested to see if the price can retrace to the 50% Fibonacci level, rebalancing and mitigating higher supply before rolling over again. Additionally, the RSI indicator showed slight signs of the asset being “oversold” when it reached the 30% level, supporting the possibility of a short-term pullback.
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