EURUSD is under pressure from FED rate hikes and extra dovish ECB. The price had broken the major long-term trend started from 2008, at the pandemic crisis in 2020. Recent down moves cause EURUSD to re-test that trend.
EURUSD is re-testing the long-term trend four months in a row now. If ECB’s dovish stance changes, a possible medium to long-term bullish move may start from this dip. But this kind of long-term trend re-tests tends to take weeks and sometimes months. But over 1.10, EURUSD had positive technicals over the medium term, at least for now.