EURUSD Analysis: Potential Breakdown Below Support

 The EURUSD pair has recently broken below the rising price channel on the 4-hour chart, signaling a potential shift in momentum. Currently, the pair is testing the key support level at 1.0871.

If the pair breaks below the 1.0871 support, it would indicate that the previous upside movement from 1.0665 to 1.0948 has likely completed. In this scenario, the next downside targets would be at 1.0830, followed by the 1.0800 area.

However, it's important to note that as long as the 1.0800 support level holds, there is still potential for the upside move from 1.0665 to resume. This could lead to another rise towards the 1.1000 level.

In terms of resistance, the initial barrier is at 1.0910. A break above this level could trigger another upward movement to test the previous high at 1.0948. If the pair manages to surpass this level, it would then aim for the 1.1000 mark.

In conclusion, the EURUSD pair is currently at a critical juncture, with the potential for a breakdown below support or a resumption of the upside move. Traders should closely monitor the price action around the key levels mentioned to gauge the future direction of the pair.

by ForexInflux