After reaching a resistance level of 1.1047, the EURUSD currency pair experienced a significant decline, dropping sharply to 1.0929. Currently, it is approaching a crucial support level at 1.0912.
A decisive break below this support level would confirm that the downward movement from 1.1275 has resumed, indicating the continuation of the bearish trend. In such a scenario, the next target for the EURUSD pair would be around the 1.0850 area.
On the other hand, there is an immediate resistance level at 1.0980. Only a breakthrough above this level could potentially trigger another upward movement, leading to a retest of the 1.1047 resistance level.
The recent price action in the EURUSD pair highlights the significance of these key levels. Traders are closely watching for a break below 1.0912 or a break above 1.0980, as such moves could provide valuable insights into the future direction of the currency pair.