The EURUSD currency pair recently failed to break above the 1.0870 resistance level and has since dropped below 1.0825. This downward move extended from 1.0948 to as low as 1.0802.
Current Position and Potential Rebound
The pair has now reached the bottom of a falling price channel on the 4-hour chart. This suggests that a rebound could be on the horizon in the coming days, with the first target being the top of the channel.
Downside Potential
Despite the potential for a rebound, if the channel resistance holds, the downside move is likely to resume. In this case, we could see further declines, with the next target around 1.0770, and possibly down to the 1.0725 area.
Upside Potential
On the upside, if EURUSD breaks through the channel resistance, the price could move up to the next resistance level at 1.0870. A move above this level would indicate that the recent downside move has ended, potentially leading to another rise towards the 1.0948 resistance.
Stay tuned for more updates and keep an eye on these key levels!
ForexInflux
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