FxNews—EUR/USD trades bearish below the 75-SMA, reaching $1.043. A break below this level could trigger a new bearish wave toward $1.033.
Please note that the Stochastic Oscillator depicts 15 in the description, meaning the currency pair is oversold. Therefore, prices might consolidate near $1.43 before the downtrend resumes.
EURUSD Technical Analysis – 13-December-2024
The current bearish wave began from $1.06, a critical resistance level that divides the bull market from the bear market. The EUR/USD trend outlook remains bearish as long as it trades below this demand zone.
As for the technical indicators, the Awesome Oscillator histogram is red, below zero, meaning the downtrend prevails. Additionally, RSI 14 hovers below the median line, depicting 36 in the description, indicating EUR/USD is not oversold. However, Stochastic hints at oversold, recording 15. This means the downtrend could ease soon.
Overall, the technical indicators suggest the primary trend is bearish and should resume toward the next support area.
EURUSD Could Hit $1.033: Minro Consolidation Ahead
As of this writing, EUR/USD trades at approximately $1.046 with a bearish outlook. The current sentiment suggests that sellers are likely to hit the $1.043 in the current trading session.
However, EUR/USD should dip below $1.043 for the downtrend to resume. The next bearish target in this scenario could be the November 22 low at $1.033.
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The Bullish Scenario
On the other hand, the immediate resistance is at $1.052, backed by the 75-period simple moving average. If bulls (buyers) pull the prices above this resistance, despite the bearish trend, EUR/USD could rise toward $1.06.
