The EURUSD’s market dynamics have been highlighting a consistent downturn, ensconced within a falling price channel.
Falling Price Channel and Continued Downtrend
Placed within a declining price channel on the 4-hour chart, the EURUSD pair remains adherent to a downtrend that stemmed from 1.1139. The downward momentum has further extended, marking a low point at 1.0795, now confronting the channel’s support.
Probable Continuation of Downward Momentum
Provided the price channel’s resistance remains intact, we could anticipate a continuation of the downward trajectory. In such a case, the subsequent target would be stationed at the 1.0780 area, trailed by the previous low of 1.0723.
Identifying Immediate Resistance Levels
The immediate resistance level for the EURUSD is currently set at 1.0860. Should the price break past this level, it could steer the price back towards the top of the channel.
Potential Test of Main Resistance
A breach above the main channel resistance could incite the price to test the 1.0932 resistance barrier. Should the price overcome this hurdle, the next aim would be the resistance stationed at 1.0998.
In conclusion, the EURUSD market exhibits a persistent downward trend with a potential for significant inflection points around key resistance and support levels, earmarking crucial areas of focus for traders.