Good day forex traders.
It is time for another update on the EUR/USD currency pair. Are you ready for the new week?
In previous updates, we noted that the EUR/USD is likely to get downside pressure as a result of US dollar strength .
Looking at the EUR/USD daily chart above, as expected we indeed see a slide of the currency pair since February. Hence it is currently leaning towards the bearish side of the momentum.
Our bollinger bands are serving well as indicators of potential support and resistances. Should the bearish under currents remain, we may see a bearish target of 1.048. Any attempts to reach up above have to overcome 1.062 first.
Do remember that trends do not last forever and hence it is important that you constantly monitor the chart for signs of reversal. We will see you again during the fundamental review.