EUR/USD Still Trading South, But Bears Losing the Momentum


Euro turned up at end of 2023, it recovered with a sharp reaction higher up to 1.1 area where pair slowed down and turned lower into a pullback that is now in progress. Ideally, thats now overlapping drop of a higher degree correction that can represent even wave 2 higher degree, so be aware of price stabilization, maybe soon as price comes down into some nice support, here at 1.08-1.07 area where complex correction can come to an end. Divergence on the RSI also suggests that pair bears can be losing momentum.

Daily and weekly closes above FED and ECB highs can confirm the bottom for the pair, especially now after another strong jobs data from the US.

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