EURUSD Market Analysis: Break Above Falling Channel and Possible Rally

EURUSD’s break above a falling price channel and the potential for further rally or drops with identified resistance and support levels.

Break above Falling Price Channel

The EURUSD pair has attained a significant milestone by breaking above the falling price channel seen on the 4-hour chart.

Potential Rally and Test of Resistance

In the upcoming days, we can likely anticipate a further rally to test the 1.0932 resistance level. A breakout above this level would suggest that the downside movement from 1.1139 has come to completion at 1.0779.

Further Resistance Levels

Upon breaking above 1.0932, the pair is likely to encounter resistance at 1.0998. Beyond this point, the objective for the pair would be to seize the 1.1139 resistance level.

Immediate Support and Potential Drop

The immediate support level for EURUSD stands at 1.0840. A breakdown below this level might initiate another drop, potentially to the bottom of the price channel.

In conclusion, while the recent break above the falling channel by EURUSD signals potential rallies, it is also essential to watch the support level, as it could lead to further declines.