EUR/USD has been experiencing a continued downward movement, starting from 1.1275 and reaching as low as 1.0702. The pair is currently encountering support at the bottom of the price channel on the 4-hour chart.
In the coming days, we might observe a minor consolidation phase, with a trading range expected between 1.0700 and 1.0760.
However, if the 1.0760 resistance level holds, it could suggest a continuation of the downside move, potentially leading to further decline towards 1.0650.
On the upside, a break above the 1.0760 resistance level would indicate a need for a more extended consolidation period for the downtrend. In such a scenario, the price would likely face resistance at the top of the price channel.
To navigate potential trading opportunities in EUR/USD, it is crucial to closely monitor the price action, paying attention to the support at the bottom of the price channel, the resistance at 1.0760, and the potential target areas around 1.0700, 1.0650, and the top of the price channel. These levels will provide key insights into the potential continuation or reversal of the EUR/USD trend.