Looking at EURUSD Chart, we can see the breakdown from the previous support level of 1.131 on the 3rd of December after a failed attempt to climb up to the 1.136 resistance level. The following days it kept falling steadily, devaluating at a slow pace, except for the 4th of December where it reached the 1.132 price range but could hold on. Temporary support could have been found at the 1.129 price range, but that price range also failed to lead to yesterday’s drop into the 1.124. Early on today it managed to bounce back up, returning quickly to the previous support level of 1.129 It is currently found trading at 1.129 price range having 1.124 its closest support.
Today, we could expect an attempt to consolidate at the current price range possibly moving towards the 1.131 resistance level.
However, if it doesn’t manage to hold on to the current level, then a case for moving back down towards the 1.124 resistance level can be expected.
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