EURUSD: Persistent Bearish Momentum

EURUSD: Selling Pressure Remains Unabated

The EURUSD currency pair, commonly referred to as the “Euro,” is one of the most traded currency pairs in the world. It represents the value of the Euro against the US Dollar, providing insight into the comparative strength of the European and American economies. Movements in EURUSD can be driven by a variety of factors, including economic data releases, central bank decisions, and geopolitical developments.
chart analysis for EURUSD on 29-03-2024

   Chart Notes: 

  • Chart time-zone is UTC (+03:00)
  • Candles’ time-frame is 4h.

The EURUSD pair is depicted on a downtrend in the uploaded daily chart, characterized by successive bearish candles. The pair remains below the 20-day Simple Moving Average (SMA), which is often considered a bearish signal. The Bollinger Bands show the price consistently hugging the lower band, indicating a strong downtrend with sustained selling pressure. Furthermore, the lack of bullish candles suggests that buyers have yet to gain significant ground. The distance between the price and the SMA also points to bearish momentum, although traders should be wary of potential reversals as such trends cannot persist indefinitely without some correction.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.