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EURUSD has dropped towards 1.0235, fresh swing lows, as bears tightened their grip on Tuesday. The single currency pair is seen to be trading close to 1.0255 at this point in writing and it might print yet another shallow low towards 1.0200 in the near term. Bears need to hold prices below the 1.0616 initial resistance to remain in control going forward.
EURUSD has been dropping from the 1.2350 high since January 2021 as seen on the daily chart here. Bears have been successful in breaking below significant support at 1.0350-52 since December 2016. A high probability remains for a pullback rally from current levels. However, kindly note that the next target could be towards parity levels.
EURUSD's price drop has been accompanied by a strong bullish divergence on the daily RSI as seen on the chart presented. It could be an indication of a potential trend reversal soon. With regards to price action, bulls need to take out the 1.0616 resistance to confirm that they are back in control and that the trend has potentially reversed.
EURUSD is facing short-term price resistance at around 1.0450 as marked on the 1-hour chart. Bulls need to push through the above initial resistance to confirm a potential trend reversal and that they are back in control. Until the 1.0450 resistance is intact, the potential remains for yet another low below 1.0235 in the near term.
Preparing for a potential trend reversal soon.
Good luck!
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