FPG EURUSD Market Report January 2, 2025

EURUSD remains under strong bearish pressure, continuing its downward movement from 1.11584 in September 2024 to the current level of 1.03549. The pair has consistently failed to recover above key resistance levels, signaling ongoing selling momentum.

EURUSD has been trading within a clear downward channel, respecting the diagonal trendline that has defined its bearish trajectory. After breaching the R1 level at 1.06854, the pair failed to establish any bullish reversal. The stochastic oscillator remains near the oversold territory at the 20 level, reflecting persistent selling pressure. Additionally, the failure to hold above 1.03549 as a potential support level could lead to further declines, targeting levels below the current price. The immediate resistance remains at R1, while R2 at 1.11849 represents a significant hurdle for any potential recovery.

Market Observation & Strategy Advice:

1. Key Levels to Watch: Resistance at 1.06854 (R1) and 1.11849 (R2), with support near 1.03549.

2. Bearish Momentum: The downward channel indicates strong bearish sentiment, with sellers firmly in control.

3. Oversold Condition: Stochastic levels near 20 suggest the possibility of short-term consolidation or minor pullbacks.

4. Trading Opportunity: Short positions may be considered below the 1.03549 level, targeting the next support zone. Alternatively, traders may wait for a breakout above R1 to consider long positions with tight stop-losses.

5. Risk Consideration: Monitor for any sudden breakouts from the downward channel that could invalidate the bearish outlook.

Market Performance:

Currency Pair Last Price % Change

EUR/USD 1.0354 +0.00%

GBP/USD 1.2513 -0.00%

JPY/USD 0.0064 -0.06%

CNY/USD 0.1370 -0.02%

Today's Key Economic Calendar:

CN: Caixin Manufacturing PMI

UK: Nationwide Housing Prices MoM

EU: COB Manufacturing PMI Final

US: MBA 30-Year Mortgage Rate

Risk Disclaimer This report is for informational purposes only and does not constitute financial advice. Investments involve risks, and past performance does not guarantee future results. Consult your financial advisor for personalized investment strategies.