EURUSD (D1) : Price can be declined in Resistance Level

EURUSD (D1) : Price can be declined in Resistance Level EURUSD

Hello all traders and my worthy Followers, EURUSD

What you say for this analysis that if the EURUSD reached the resistance level and it can be possible for the bearish and strong waving the resistance zone.

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The Price is moving in the given direction
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The Fibonacci 23.6% retracement level of the latest uptrend forms initial resistance at 1.0900. Once EUR/USD rises above that level and starts using it as support, the 50-period Simple Moving Average (SMA) could act as next hurdle at 1.0920 before 1.0960 (end-point of the uptrend).

On the downside, 1.0875 (100-period SMA) aligns as first support before 1.0860 (Fibonacci 38.2% retracement) and 1.0830 (200-period SMA).

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Fundamental Overview
EUR/USD went into a consolidation phase after closing the previous week in negative territory. The pair stays relatively quiet slightly below 1.0900 in the European morning.

The broad-based US Dollar (USD) strength last week forced EUR/USD to stretch lower. Stronger-than-expected consumer and producer inflation data from the US provided a boost to Treasury bond yields and helped the USD stay resilient against its rivals.

Ahead of the Federal Reserve's (Fed) policy announcements on Wednesday, the CME Group FedWatch Tool shows that markets are pricing a nearly 60% probability of a policy pivot in June. The Fed will also publish the revised Summary of Economic Projections.

Investors could refrain from taking large positions ahead of the Fed event, making it difficult for EUR/USD to make a decisive move in either direction. Nevertheless, the risk perception could drive the pair's action in the near term.

In the early European session, US stock index futures trade in positive territory. A bullish opening in Wall Street could make it difficult for the USD to gather strength and open the door for a short-term recovery in EUR/USD.

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Tuesday's early Asian session saw the EUR/USD pair edging lower to multi-day lows near 1.0870 due to a stronger US dollar. With no anticipated adjustment in interest rates, the focus will be on the Federal Reserve's monetary policy meeting on Wednesday.

Trade closed: target reached:

More than 80% of the target had been achieved and now I am closing it to provide you another valuable analysis very soon.

Trade closed: target reached