For now, EUR/USD is not holding below 1.0475, but is testing the 50-cycle exponential moving average, EMA50 is a strong resistance level. But stochastic indicators suggest that upward momentum has dissipated, suggesting the potential for another decline in Europe and the U.S. Therefore, I expect EUR/USD to fall, the first short target is 1.0475, if below this level, may continue to fall, at that time the short target will look to 1.0400. On the contrary, if a break above 1.0563, then the EUR/USD downtrend may stop and a fresh bullish correction may materialize intraday.
For now, EUR/USD is not holding below 1.0475, but is testing the 50-cycle exponential moving average, EMA50 is a strong resistance level. But stochastic indicators suggest that upward momentum has dissipated, suggesting the potential for another decline in Europe and the U.S. Therefore, I expect EUR/USD to fall, the first short target is 1.0475, if below this level, may continue to fall, at that time the short target will look to 1.0400. On the contrary, if a break above 1.0563, then the EUR/USD downtrend may stop and a fresh bullish correction may materialize intraday.