EUR/USD Faces Key Resistance Level
The technical analysis for EUR/USD on October 19 shows a slight recovery with the price reaching 1.08674 after a significant drop.
Although still in a downward trend, the resistance level at 1.08945 will play a crucial role. If the price breaks this resistance, a slight increase may occur, but failure to do so could see the price reversing to test the support level at 1.08196.
The EMA 34 and EMA 89 lines are creating resistance pressure, increasing the likelihood of continued price decline.
In terms of news: The European Central Bank has decided to cut interest rates to 3.25% due to weak economic growth, while U.S. retail data has also contributed to a slight weakening of the USD.
Although still in a downward trend, the resistance level at 1.08945 will play a crucial role. If the price breaks this resistance, a slight increase may occur, but failure to do so could see the price reversing to test the support level at 1.08196.
The EMA 34 and EMA 89 lines are creating resistance pressure, increasing the likelihood of continued price decline.
In terms of news: The European Central Bank has decided to cut interest rates to 3.25% due to weak economic growth, while U.S. retail data has also contributed to a slight weakening of the USD.
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