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The EURUSD pair recently attempted to break through the 1.0630 resistance level but failed to maintain upward momentum, pulling back to its current price of 1.0530. On the 4-hour chart, the price remains below both the 200 EMA and the 50 EMA, indicating that bearish sentiment continues to dominate the market.
Key Technical Levels:
- Resistance: The 1.0630 level is proving to be a critical barrier, capping any attempts for upward movement.
Support Targets:
- 1.0470: The first key support level lies at 1.0470, a potential target as the price declines further from the current 1.0530 level.
- 1.0400: If the bearish trend continues, the next significant support target is the 1.0400 level.
Fundamental Outlook for December 11, 2024:
The market is anticipating important economic releases on December 11 from both the United States and the Eurozone, which could further drive price action in the EURUSD pair.
- For the USD:
- U.S. CPI Data: The release of the U.S. Consumer Price Index (CPI) is expected. A higher-than-expected inflation reading could strengthen the USD, putting additional bearish pressure on EURUSD.
- For the EUR:
- ECB Insights: Any comments from the European Central Bank (ECB) regarding inflation or monetary policy could affect the strength of the euro. A dovish stance could weaken the EUR further.
Technical Summary:
The EURUSD pair remains under bearish pressure, with the potential to decline from the current 1.0530 level to the 1.0470 target. If the downtrend continues, the next support level to watch is 1.0400. Traders should remain cautious and alert to key events on December 11, as these may trigger increased volatility.
This analysis offers valuable insights for traders, providing a detailed roadmap of potential price movements based on technical and fundamental factors.
