FxNews—EUR/USD resumed its downtrend from $1.06 and is currently trading at approximately $1.053. However, the bears face the 75-period simple moving average, which is in conjunction with the $1.052 resistance.
EURUSD Technical Analysis – 11-December-2024
As for the technical indicators, we notice that the Stochastic Oscillator stepped into oversold territory after the recent selling wave on the currency pair.
From a technical perspective, the downtrend will likely extend to the lower support levels if EUR/USD stabilizes below the $1.052 immediate resistance. In this scenario, the next bearish target could be $1.043.
- Also read: GBPJPY Overpriced Near Key 193.8 Resistance
The Bullish Scenario
Please note that the bearish outlook should be invalidated if EUR/USD exceeds the critical resistance area at approximately $1.06. If this scenario unfolds, prices could target the 38.2% Fibonacci retracement level at $1.066.
