EUR / USD remains under bearish pressure, with the price rising in the long-term downward trend, below 50 and 200 moving averages. Besides technical, fundamentally the euro remains weaker due to the stronger dollar and the weaker growth in the Eurozone and the economic situation in the US remains stable.
Every attempt to move up in price has a resistance, with the potential to continue the downward movement to the area around 1.11774. There, we expect the price to undergo a short-term correction with an attack on Zone 1 and if successful, a test may follow in the area around 1.13258, which is Zone 2 - 50 - the average period and 23.6 Fibonacci. Reaching Zone 1 can form a good bottom of a daily chart that is the catalyst for the movement to Zone 2. After the short-term adjustment, we expect the price to keep going down, keeping the trend.
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