During the European morning session, EURUSD saw an uptick, momentarily brushing against Friday’s peak and Wednesday’s trough. However, the momentum was short-lived as sellers swiftly moved in to halt the advance. As trading transitioned to the U.S. session, the pair’s value dropped further, slipping beneath the 61.8% retracement from the low seen in September 2024, settling around 1.08174. This dip also saw prices fall below a significant swing area, down to 1.0804, amplifying the bearish sentiment.
Last Friday bore witness to a comparable dip below this support level, followed by a rebound, yet today’s scenario paints a different picture, as the breach seems more definitive. This shift turns the 1.0804–1.08174 range into a newfound resistance zone. Should prices remain beneath this threshold, sellers will maintain their grip. Conversely, if the pair manages to climb back above, it could invalidate the breakdown and potentially trigger a rebound.
Looking ahead, the next support area is positioned between 1.07767 and 1.07609, with the 200-day moving average at 1.07286 acting as a critical benchmark. The pair had previously surpassed this level on March 5. Sellers are mounting a vigorous challenge, but the real test lies in sustaining momentum beneath 1.0804 to fuel further downward movement.
Sellers appear to be making a strategic move in the market.
