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EURUSD Bearish Outlook and the Impact of Euro Economy News

The EURUSD currency pair has recently tested the 50-day Simple Moving Average (SMA) and the 1.078 resistance zone but is currently trading below this level. As long as this level remains steady, the outlook for the currency pair will be bearish, with a potential target of 1.065.



However, if the bulls manage to close above the 1.078 resistance, it could halt the current downtrend momentum. In this scenario, the upper band of the bearish channel would become the next resistance to watch.

It's worth noting that recent news about the Euro economy could impact this analysis. For instance, the European Central Bank is considering raising its key interest rate, and there are concerns about climate risks impacting Europe's economy. These factors could influence the EURUSD currency pair's movements in the near future. Stay updated with the latest news for more accurate forex predictions.

EURUSD Forecast

Upon examining the daily chart for the EURUSD currency pair, it is evident that the bears have exerted significant downward pressure on the price. This has resulted in a substantial decline, pushing the price all the way down to a crucial support zone. This zone, which extends from 1.0664 to 1.0636, is of paramount importance in the current market dynamics.

This particular level is noteworthy as it offers a substantial bid for buyers, making it an attractive point for potential market entry. However, it's important to bear in mind the inherent risk of being stopped out should the price fall below this support level. Therefore, careful consideration and risk management strategies are essential when trading at this juncture.



If this support level proves to be robust and withstands further bearish pressure, we could potentially see a reversal in the EURUSD price trend. This could usher in a period of correction, during which the price may retrace some of its recent losses. In such a scenario, it's plausible that the EURUSD price might aim to test the previously broken support level around 1.072 on the daily chart. This level could serve as a key target for this potential corrective phase.

In conclusion, monitoring these key levels on the EURUSD daily chart can provide valuable insights for traders and investors alike. It's also worth noting that these observations are based on current market conditions and are subject to change as new market data becomes available.

Gold Technical Analysis

The XAUUSD pair, which represents the trading relationship between gold and the US dollar, is currently positioned below a descending channel. This indicates that the market sentiment is leaning towards the bearish side as long as the price of gold remains beneath the trendline. Investors and traders are closely monitoring the $1940 price level, which has proven to be a significant barrier for the bulls. If the bullish market participants are unable to push the price above this level, it could signal a lack of buying pressure in the market. This could potentially lead to a shift in market sentiment, causing the price of gold to retreat.

In such a scenario, the next key level to watch would be the $1,894 support level. This price point could serve as a safety net for the gold price, providing a platform from which it could potentially bounce back. However, if the price breaks below this level, it could trigger further selling pressure, leading to a deeper correction in the gold price.