The EURUSD currency pair has experienced a significant development as it broke below the rising trend line on the 4-hour chart. This break suggests that the previous upside movement from 1.0635 has likely reached its completion at 1.1011. Traders should be cautious as a deeper decline could potentially be on the horizon.
Looking ahead, the next target for EURUSD is projected to be around the 1.0770 area. This level serves as an important support level that could provide some stabilization for the pair. A breach below this support level may open the door for further downward pressure, potentially leading the pair to explore lower levels.
On the upside, immediate resistance is located at 1.0910. For a reversal of the current bearish sentiment and a potential resurgence in the pair’s value, a break above this resistance level would be required. Such a move could trigger another upward push towards the 1.1095 resistance level.
To summarize, the EURUSD pair has broken below the rising trend line, signaling the potential completion of the previous upside move. A deeper decline is possible, with the next target around 1.0770. Immediate resistance lies at 1.0910, and a break above this level may revive bullish momentum towards the 1.1095 resistance. Traders should remain vigilant and adapt their strategies based on evolving market dynamics and key levels.
