The EUR/USD currency pair has seen a significant decline, falling from a high of 1.1201 to as low as 1.1055.
Current Market Conditions
Further downside movement appears possible, and a breakdown below the 1.1055 support level could push the price toward the 1.0985 area.
Resistance Levels to Watch
- Initial Resistance: The first resistance is set at 1.1105. A break above this level could lead the price to the next resistance at 1.1140.
- Previous High: Should the price rise further and surpass this level, the next target would be the previous high resistance at 1.1201.
Conclusion
It’s essential to keep an eye on these support and resistance levels for potential trading opportunities. While the EUR/USD pair faces downward pressure, upward movements are still plausible if key resistance levels are broken. Stay updated for further developments!
by ForexInflux
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