EURUSD Stayed Below 1.045: Market Forecast

EURUSD stayed below 1.045, trading in a strong bear market below the 50-period SMA. A Dip below the immediate support at $1.028 can escalate the downtrend, targeting $1.022, followed by $1.01.

EURUSD Technical Analysis – 9-January-2025

FxNews—Eurp has been in a bear market, below the 50- and 100-period simple moving average, and has lost 1.2% of its value since January 6. However, the selling pressure eased at $1.028.

As of this writing, the currency pair trades at approximately $1.030.

Regarding the technical indicators:

• The RSI 14 depicts 40 in the description and declining, meaning the market is not oversold, and the downtrend should resume.
• The Stochastic Oscillator shows 22.0 in the description, indicating that the euro is oversold in the short term; therefore, a consolidation phase could be on the horizon.
• The Awesome Oscillator histogram is green, below zero, interpreted as the bear market weakened.

Overall, the technical indicators suggest that while the primary trend is bearish, EUR/USD has the potential to consolidate near the higher resistance levels before the downtrend resumes.

 EURUSD Stayed Below 1.045: Market Forecast

The immediate support is at $1.028. From a technical perspective, the downtrend from $1.045 could extend to lower support levels if bears (sellers) push EUR/USD below $1.028.

If this scenario unfolds, the next bearish target could be the January 02 low at $1.022. Furthermore, if the selling pressure exceeds $1.022, the sellers’ path to $1.01 could be paved.

Please note that the bear should be invalidated if EUR/USD exceeds the critical resistance level of $1.45.

The Bullish Scenario

The critical resistance level that divided the bull market from the bear market rests at $1.045. From a technical standpoint, the currency pair could test a higher resistance level if bulls pull the prices above $.1045.

In this scenario, the $1.053 could be targeted by bulls.

EURUSD Support and Resistance Levels – 9-January-2025

Traders and investors should closely monitor the EURUSD key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.