The EUR/USD currency pair has been on a downward trajectory, recently dropping from 1.0936 to a low of 1.0550. This decline has raised some important technical levels to watch.
Currently, key resistance is identified at 1.0653. As long as the price remains below this level, we can expect the bearish trend to persist, with the next target being around the 1.0530 mark. If the pair breaks below this level, we could see it aim for the 1.0450 area.
On the flip side, initial resistance is set at 1.0580. Should the price manage to break through this level, it may lead to a test of the 1.0653 resistance again. A decisive break above this resistance could indicate that the downtrend has come to an end.