EUR/USD Update: Market Movements and What to Watch Next

The EUR/USD currency pair has recently seen some changes, pulling back from a high of 1.1173 and breaking below a key support level at 1.1100. This suggests that we might be entering a period of consolidation after the uptrend that started from 1.0777.

What does this mean for traders? There might still be some downward movement in the coming days. Traders should keep an eye on the rising trend line on the 4-hour chart, as this could serve as our next target for this downward phase.

However, there's a silver lining! As long as this trend line support holds firm, we could see the uptrend continue. If the price breaks above the 1.1173 resistance level, we could potentially witness another surge towards the 1.1200 mark. Should it break past that point, the next target could be around 1.1250.

It’s important to stay alert, though. If the price falls below the trend line support, that could indicate the end of the uptrend.

by ForexInflux