The EURUSD currency pair has been trading in a long-term uptrend since September 2022, with several minor corrections along the way. Currently, the pair is facing a critical support level at the rising trend line on the weekly chart.
If the EURUSD pair breaks below this trend line, it could trigger further downside movement towards the next support level at 1.0515. This would suggest that the long-term uptrend has come to an end and that the bears have taken control of the market.
However, if the trend line support holds, it could indicate that the long-term uptrend is still intact and that the bulls may resume control. In this scenario, the EURUSD pair could continue to rise towards the next target at the 1.1400 area.
It’s important to note that the trend line support is a critical level for the EURUSD pair. A breakdown below this level could trigger a significant sell-off, while a bounce from this level could indicate that the pair is still in a long-term uptrend.