EUR/USD at Critical Juncture as Bears Launch All-Out Assault on Major Trendline

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  • EUR/USD lacks sturdy directional conviction as market temper stays cautious
  • While euro stays biased to the upside over a medium-term horizon, the outlook may change if costs break beneath an vital help zone
  • This article appears to be like key technical ranges to observe within the coming days

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Most Read: EUR/USD on Cusp of Major Breakdown as US Dollar Embarks on Strong Recovery

EUR/USD was nearly flat on Wednesday in early morning buying and selling in New York, oscillating between small features and losses across the $1.0768 mark, an indication of indecision amid market warning because of the U.S. debt ceiling standoff and rising fears of a possible technical default.

In the grand scheme of issues, the euro stays biased to the upside over a medium-term horizon in opposition to the U.S. greenback, indicating that the latest pullback that has led to an almost 3% drop from the May excessive could also be a part of a corrective motion inside a broader uptrend.

Although the correction concept stays legitimate for now, the arguments in its favor have began to weaken, particularly after the alternate fee broke beneath the 50-day easy shifting common just a few days in the past, signaling a doable reversal.

of purchasers are internet lengthy.

of purchasers are internet quick.

Change in Longs Shorts OI
Daily -2% -9% -5%
Weekly 9% -18% -3%

Related: Japanese Yen Setups – USD/JPY Muted After Breakout, AUD/JPY Forges Double Top

All hope shouldn’t be but misplaced, however to be assured within the EUR/USD’s potential to renew its bullish run, the rising trendline that has guided the pair’s advance since September 2022 should maintain all prices. This dynamic flooring, presently crossing 1.0765/1.0760, is probably going the final line of protection in opposition to a deeper decline.

If bulls fend off the assault on 1.0765/1.0760 efficiently and spark a turnaround, preliminary resistance seems close to the psychological 1.0900 stage, however additional features could also be in retailer on a push above this ceiling, with the following upside goal on the 2023 highs.

In distinction, if 1.0765/1.0760 caves in decisively, bearish impetus might collect tempo, emboldening sellers to launch an assault on 1.0625, the following related help to control. On additional weak point, the main target shifts decrease to 1.0500, the 38.2% Fibonacci retracement of the 2022/2023 rally.

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EUR/USD Chart Prepared Using TradingView

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