Technically, EURUSD after rejecting the 1.1500 range resistance region, the prices tested down to 1.1300 rising range support.
We reiterate that EURUSD interim upswings are not backed by technical indicators; the current prices are hovering at DMAs.
Previously, weakness of this pair is observed at the same juncture on the occurrence of bearish engulfing and gravestone doji patterns at stiff resistance zone (i.e. 1.1466 - 1.1501 levels).
For now, we remain in the range, with 1.1390-1.1425 interim resistance. While under 1.1500, our bias remains for an eventual test and break of the 1.1215 lows.
On the medium-term perspective, our stance on the levels around 1.12-1.08 is perceived as a major support region and the ideal area for a long-term higher low over the 1.0340 lows set in 2016. Notable supports within this region lie at 1.1190 and 1.1000. Further evidence is needed to prove that 1.1215 was the higher low we are looking for.
While the major downtrend has been sliding through sloping channel, where bears retrace 61.8% Fibonacci levels from 2018 highs on the failure swings at channel resistance as both leading oscillators signal bearish momentum (refer monthly chart).
Trade tips:At spot reference: 1.1403 levels, contemplating above technical rationale, one can execute tunnel spread options strategy. Such exotic option with upper strikes at 1.1430 and lower strikes at 1.1377 levels have been unbiased strategy but to favor slightly the bearish sentiments.
Alternatively, shorting futures of mid-month tenors are advocated with a view of arresting further potential slumps. Writers in a futures contract are expected to maintain margins in order to open and maintain a short futures position.
Currency Strength Index: FxWirePro's hourly EUR spot index is inching towards 27 levels (which is mildly bullish), while hourly USD spot index was at 78 (bullish) while articulating (at 07:57 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex


Geopolitical Shocks That Could Reshape Financial Markets in 2025
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes
Energy Sector Outlook 2025: AI's Role and Market Dynamics
UBS Predicts Potential Fed Rate Cut Amid Strong US Economic Data
Extremely Bearish JPY Majors: GBPJPY, NZDJPY, AUDJPY Lead the Decline
NZDJPY Plunges Below 90 Amidst Broad New Zealand Dollar Weakness; Resistance at 90.80 Key for Downside Continuation
U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures
FxWirePro: USD/ZAR cedes early gains ,outlook bearish
FxWirePro: USD/JPY loses momentum but outlook is bullish
Global Markets React to Strong U.S. Jobs Data and Rising Yields
Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close
FxWirePro: GBP/AUD firms slightly, but downward resumption looks likely
US Futures Rise as Investors Eye Earnings, Inflation Data, and Wildfire Impacts
Moldova Criticizes Russia Amid Transdniestria Energy Crisis
FxWirePro- Major Crypto levels and bias summary
Fade the Rally: EUR/JPY Short Opportunity Near 180.80 



