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.