The EURUSD pair is currently remaining below a falling trend line on the 4-hour chart. This suggests that the pair is still entrenched in a downtrend that originated from 1.1275.
As long as the trend line resistance continues to hold, there is a strong indication that the downside move will persist, with the next potential targets set at 1.0900, followed by the previous low at 1.0833. These levels will be closely monitored by traders to gauge the pair’s potential for further declines.
However, on the upside, if the EURUSD manages to break above the trend line resistance, it would signify that the downside move has already concluded. In such a scenario, there could be another upward movement towards the resistance at 1.1275.
In conclusion, the EURUSD remains in a downtrend, as evidenced by the current position below the falling trend line on the 4-hour chart. The downside move is expected to continue, with targets at 1.0900 and 1.0833. Nevertheless, a break above the trend line resistance could shift the sentiment, potentially leading to a rise towards the 1.1275 resistance level. As always, traders should exercise caution and carefully analyze price movements before making any trading decisions in the dynamic forex market.
