EURUSD has recently broken above the falling trend line on the 4-hour chart, suggesting that the downside move from 1.1275 has already completed at 1.1020. This could lead to a further rally, with the next target being the 1.1146 resistance level. If the price manages to break through this level, it could even rise towards the previous high of 1.1275.
On the other hand, there is now immediate support at 1.1055. Only if the price were to break below this level could another fall towards 1.0950 be triggered.
Overall, while EURUSD has broken above a key resistance level and could see further upside movement, there is also support that could prevent further decline.
