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EURUSD Faces Bearish Outlook as Price Drops Below Key Levels

by Daisy

The EURUSD pair concluded trading yesterday on a notably bearish note, closing below the crucial support level of 1.0760$. Analysts anticipate further downward momentum, predicting a potential breach of the 1.0720$ mark, which could pave the way for a decline towards 1.0675$ and subsequently 1.0600$.

Technical indicators, particularly the EMA50, continue to exert downward pressure on the price, reinforcing the bearish sentiment. However, market dynamics could shift if the pair manages to surpass the resistance at 1.0795$, potentially leading to a recovery phase.

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In terms of trading strategy, market participants are advised to consider a range-bound approach between the support level of 1.0660$ and the resistance level of 1.0810$. This scenario suggests cautious trading amid prevailing bearish trends.

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