EUR/USD extended its rally from 1.1026 to a recent high of 1.1154. However, the subsequent pullback from 1.1154 suggests that the upward move may have completed.
What’s Next?
- Further Decline Expected:
- In the coming days, another drop is likely, with the next target being the key support level at 1.1026.
- A break below 1.1026 could push the pair toward the 1.1000 area.
- Resistance Levels to Watch:
- Initial resistance is now at 1.1110.
- Only a break above this level could reignite bullish momentum, leading to a retest of the 1.1154 resistance level.
Conclusion
EUR/USD has pulled back after its recent upside move, signaling a potential for further declines. Traders should watch the 1.1026 support and 1.1110 resistance levels closely. A break below 1.1026 could lead to a deeper drop, while a move above 1.1110 could open the door for another push higher toward 1.1154.