The EURUSD is declining towards new weekly lows as sellers dominate the market. The recent low was recorded at 1.07968, while the previous week’s low was 1.0804.
The upcoming targets for the EURUSD are set between 1.07609 and 1.0776, with a 100-bar moving average located at 1.07644. A further drop could reach the 200-day moving average, currently at 1.0728.
Shift In Market Momentum
Two weeks prior, the market surpassed this moving average for the first time since 6th November, indicating a shift in momentum. Observers are keen to see if sellers can maintain this downward trend.
The downward pressure on the EURUSD continues, reinforcing the control that sellers have exerted. With the latest decline bringing the pair closer to key support levels, traders are eyeing whether bearish momentum will persist in the days ahead. The recent low of 1.07968 has now fallen beneath last week’s low of 1.0804, signalling further weakness.
The next price targets align between 1.07609 and 1.0776, marking areas that could attract increased market activity. Sitting within this range is the 100-bar moving average, positioned at 1.07644. If the pair extends its fall beyond that point, attention shifts to the 200-day moving average, currently standing at 1.0728. A test of this level would carry weight, given that just two weeks ago, the market surpassed it for the first time since early November. That move suggested a shift in sentiment, making another encounter with this mark a key test for sellers. Should they successfully break through, it would reinforce the notion that further downside remains in play.
For those assessing the current market climate, the sustained control by sellers is evident. The question remains whether downward momentum can be sustained or if buyers will intervene near these upcoming technical areas. Watching how price behaves around the moving averages will provide clear insights into whether sellers still have the upper hand.
Key Levels To Watch
The trading environment in the coming sessions depends on whether these established levels manage to hold or give way to further declines. Recent price action suggests that sellers remain in control, but each attempt to push lower must contend with areas where buying interest could emerge. Markets have shown before that momentum alone is not always enough to sustain a move, particularly when historical support levels enter the equation. If selling pressure remains intact, further declines appear likely, but should buying interest resurface, short-term shifts in direction would not be surprising.
