On Tuesday, the EUR/USD pair experienced some price movements. Let’s break down the key levels and potential scenarios for traders to watch.
Recent Price Action
This suggests that after a short-term rise, the EUR/USD could continue its downward trend. Key Levels to Watch
- Initial resistance: 1.0835
- Important resistance: 1.0850–1.0855
- Initial support: 1.0790–1.0795
- Important support: 1.0770
Potential Scenarios
- If EUR/USD faces resistance below 1.0855 today, the next target could be around 1.0770.
- If the pair manages to break above 1.0855, it could signal a potential reversal of the recent downtrend.
ConclusionThe EUR/USD pair is currently navigating between key support and resistance levels. Traders should closely monitor these levels for potential trading opportunities. A break above 1.0855 could indicate a bullish reversal, while resistance below this level might lead to further declines towards 1.0770.More By This Author:USD/CHF Technical Analysis: Downtrend Persists As Pair Fails To Break Key Resistance AUD/USD Analysis: Awaiting Key Inflation DataGold Price Analysis: Short-Term Downtrend With Potential For Rebound
