In the daily chart, this currency pair has formed a clear downwards trend. After the price corrected just near the last high of the trend, the downward trend now seems to be proceeding forwards once more. The price area around 1.0050 is obviously presenting strong resistance for the price. In the past, the price has already turned several times in this region and could, therefore, now get interesting once again here.
Image 1 (daily chart) shows very well that there is enough downward potential. After a first stopover at 0.98500, the marker at 0.9650 would be interesting as a first target here. If the price cannot be stopped here, there is enough room until into the region of 0.93500. Otherwise, a rise above the resistance area would argue against this scenario.
Before making an entry, one should take the news in the corresponding countries into account. Similarly, one should also keep an eye on the interest rate development of the large economic areas and the commodities market.
We are eagerly awaiting the next development!
Disclosure of possible conflicts of interest:
At the time of publishing this analysis, the author is not invested in the securities or underlyings discussed.
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