The EUR/USD currency pair has encountered some challenges recently, failing to break above the resistance level of 1.0831. This resistance has proven to be a significant barrier, and as the market reacts, traders should keep a close eye on the next crucial support level at 1.0682.
If the pair drops below this support level of 1.0682, it would suggest that the downward movement from the recent high of 1.0936 is back in play. In such a scenario, the next target for traders would likely be around the 1.0600 mark. Should the decline continue past this point, the focus would shift to the 1.0530 area.
On the flip side, there’s initial resistance at 1.0740. If the EUR/USD can break through this level, it could pave the way for another upward movement, potentially reaching the 1.0780 area before revisiting the key resistance at 1.0831.