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04.12.2023 05:55 PM
Forecast :
The EUR/USD pair trades in a a bearish channel below the weekly pivot point of 1.0919 to start the week.
The EUR/USD pair could struggle to gather bullish momentum unless risk mood improves.
ECB President Lagarde will be delivering a speech later in the day.
The EUR/USD pair started the new week under modest bearish pressure and was last seen moving up and down in a narrow band below the levels of 1.0919 and 1.0830.
The euro was a bit negative in the early hours of Monday but saw a significant amount of support just below the current trading levels.
RSI is stiil calling for negative deriction - bearish market - below 30.
Trading recommendations :
The trend is still bullish as long as the price of 1.0830 is not broken. Thereupon, it would be wise to sell below the price of at 1.0830 with the primary target at 1.0800. Then, the EUR/USD pair will continue towards the second target at 1.0722. The breakdown of 1.0722 will allow the pair to go further down to the prices of 1.0703. The stop loss hsould be placed above the pivot point 1.0919.
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