TECHNICAL ANALYSIS
On the daily chart, we can observe that the EURUSD pair has reached the 1.05 level, which was the initial target during this significant decline. Currently, the pair seems to have moved quite far downward and could potentially experience a rebound at this important level. When it comes to risk management, it would be wiser for the sellers to wait for a bounce from the main trendline, which also coincides with the red 21 moving average. However, achieving that bounce might require weak US data or strong readings from the Eurozone. On the 4-hour chart, there are some important factors to note. Firstly, there's the 38.2% Fibonacci retracement level and the 1.07 mark near the major trendline. If the price reaches that point, it's likely to face strong resistance. Currently, the sellers are dominant, and we could anticipate a significant comeback from them, especially when the price approaches the minor trendline, which also coincides with the moving averages. As for the buyers, their strategy would involve waiting for the price to break above the minor trendline, as this could set the stage for a rally towards the major trendline.
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