Image Source: PixabayThe EURUSD pair has encountered a roadblock, failing to breach the 1.1201 resistance level and subsequently retreating from 1.1188 to 1.1068. This recent pullback is likely a correction within the broader uptrend that began at 1.1001.
Despite this setback, the pair may be gearing up for another attempt at the 1.1201 resistance once the current correction phase concludes. Traders should keep a close eye on the initial resistance at 1.1110. A successful break above this level could potentially trigger a fresh rally, with the next target being the 1.1145 area, followed by a retest of the previous high at 1.1201.On the downside, the immediate support lies at 1.1068. As long as the price remains above this level, the overall upward trajectory remains intact. However, a breakdown below 1.1068 could potentially push the pair towards the significant support at 1.1000.As the EURUSD continues to navigate these key levels, traders should remain vigilant and watch for any signs of a resumption in the uptrend or a potential deeper correction.More By This Author:USD/CHF Bounce Faces Key Resistance: What’s Next?EUR/USD Breaks Key Support: Further Decline ExpectedEUR/USD: Downtrend Extends With Key Resistance In Focus
