FxWirePro- Sell EURUSD below 1.03400

Significant support- 1.0340.

EUR/USD has shown a minor pullback once gained after forming a bottom near 1.03400. It hit a low of 1.03459 and is currently trading around 1.03863. 

The US dollar has gained strength today, January 2, 2025, primarily driven by risk aversion among investors and expectations surrounding the incoming Trump administration.

Technical Analysis and Market Outlook for EUR/USD

The pair remains below both short-term (34 and 55-EMA) and long-term (200-EMA) moving averages on the hourly chart. Near-term resistance is at 1.0380; a breakout above this level could push the pair towards targets at 1.0435/1.04635, 1.0500, 1.0550, and 1.0600. Major bullish momentum is expected only if prices surpass 1.0660, which would open the door to levels of 1.0700, 1.0760, and 1.0800. On the downside, immediate support is at 1.0340; a drop below this could lead to further declines to 1.0300 and 1.0240.

Trading Strategy: sell below 1.03400

Commodity Channel Index (CCI)- Bearish

 Average Directional Movement Index (ADX) - Bearish

It is good to sell below 1.03400  with a stop-loss at 1.0380 and a target price of 1.02400 for potential gains.