The EURUSD pair has been under pressure in recent trading sessions, with the pair breaking below the support level of 1.0962. This has triggered a bearish signal, suggesting that the pair could be headed for further declines in the short term.
The next support level to watch out for is the 1.0909 key support level. If the pair breaks below this level, a deeper decline could be expected, with the next target being around the 1.0800 level.
However, if the 1.0909 support level holds, another rise towards the 1.1095 resistance level could be expected. This would signal that the upside movement from the 1.0515 low is still intact and could continue in the coming weeks.
Traders should also keep an eye on the 1.1095 resistance level. If the pair manages to break above this level, it could trigger another wave of buying pressure, with the next target being around the 1.1200 area.
In summary, the EURUSD pair is currently under pressure, but a potential rebound could be expected if the 1.0909 support level holds. However, a breakdown below this level would indicate that the pair could be headed for further declines in the short term.
