The EURUSD currency pair has been trading in a consolidation phase, indicating a pause in the long-term uptrend that originated from 0.9535. The price action from 1.1032 is likely a period of consolidation before the uptrend potentially resumes.
The key support level to watch is at 1.0515. As long as this support holds, the overall uptrend remains intact, and traders can anticipate a resumption of the upward movement. A break above the 1.1095 resistance level would confirm the continuation of the uptrend and could potentially propel the price towards the 1.1400 area, followed by the 1.1800 area.
It is important for traders to monitor the price action around these levels, as they serve as crucial reference points for potential breakout or reversal signals. A decisive breakout above 1.1095 would indicate renewed bullish momentum, while a sustained decline below 1.0515 would suggest a potential completion of the uptrend at 1.1095, potentially leading to a deeper decline towards the 1.0200 area.
In conclusion, EURUSD is currently in a consolidation phase, providing a temporary pause in the long-term uptrend. The support level at 1.0515 is critical, and as long as it holds, the potential for a continuation of the uptrend remains. However, a breakdown below this support level could suggest a completion of the uptrend, leading to a deeper decline. Traders should closely monitor price action and key support and resistance levels to identify potential trading opportunities.
