FxNews—EUR/USD is in a bear market, stabilizing below the 100-period simple moving average. As of this writing, the currency pair trades sideways in a low-momentum market at approximately $1.051.
The Technical Analysis
The immediate support is at $1.048. From a technical perspective, new bearish momentum could begin if EUR/USD closes below this support. In this scenario, the prices will likely aim toward $1.043.
Furthermore, if selling pressure exceeds this level, the next bearish target could be retesting the November low at $1.033.
The Bullish Scenario
Please note that the bearish outlook should be invalidated if the EUR/USD prices exceed $1.060, which is the immediate resistance.
If this scenario unfolds, the next bullish target could be $1.066.
