There will be several critical fundamental releases during the upcoming days, but the technical picture still favors the downside in the long run, as the weekly chart shows that the price is still below a strongly bearish 20 SMA around 1.1050, also a strong static resistance area, whilst the technical indicators maintain their bearish tone in negative territory. Daily basis, the pair trades below its 100 SMA, around 1.1030, and below the 20 SMA a 1.1150, whilst the Momentum indicator continues to head lower below 100 , whilst the RSI hovers around 44, all far from suggesting an upward reversal for the upcoming days.
For the upcoming days, 1.1050 is the key resistance level to follow, as a break above it exposes the pair to a quick run towards 1.1120, whilst above this last, bulls will likely take the pair closer to the 1.1300 region. To the downside, the main support now stands around 1.0860, with a break below it exposing the pair to a steadier decline towards the 1.0700 price zone by the ends of next week.
View live chart of the EUR/USD
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