Eurousd technical analysis.This image is a price chart of the EUR/USD currency pair on the 1-hour timeframe from TradingView.
Key Observations:
1. Downtrend Formation: A descending trendline (blue) indicates a bearish trend.
2. Support Zone: A purple horizontal zone represents a support level around the 1.0860-1.0870 range.
3. Price Action: The price is currently at 1.08694, showing a small decline (-0.16%).
4. Forecast: The chart has a blue projection arrow indicating an expected drop in price after a possible small upward retracement.
5. News Events: Three circular icons with the U.S. flag indicate upcoming economic events that could impact price movement.
This suggests a potential continuation of the bearish trend if the support zone is broken.