EUR/USD at Key Support: Will the Downtrend Continue?

EUR/USD is currently testing the key support level at 1.1026, a critical point for the pair’s next move.

Potential Scenarios

  • Bearish Breakdown:
    • If the price breaks below 1.1026, it could trigger further downside movement, with the next target around the 1.1000 area.
    • A continued decline could push the pair toward 1.0960, followed by the 1.0900 area.
  • Bullish Reversal:
    • On the upside, initial resistance is at 1.1055.
    • A break above this level could lead to a recovery, bringing the price back to the 1.1090 area.
    • A further rise could target the 1.1154 resistance level.

Conclusion

EUR/USD is at a pivotal moment, with support at 1.1026 in focus. A break below this level could accelerate the downtrend, while a move above 1.1055 could signal a potential rebound. Keep an eye on these key levels to gauge the pair’s next direction.