Image Source: Pixabay
 

EURUSD has been staying within a falling trend line on the 4-hour chart, indicating that the downtrend from 1.1275 is still in place. The downside move has extended to as low as 1.1020. As long as the price stays below the trend line, the downside move could be expected to continue, with the next target being 1.1000, followed by the 1.0950 area.

On the other hand, if the price were to break out of the trend line resistance, it could rebound back toward 1.1090. If the price rises above this level, it would indicate that the downside move is complete and the next target would be 1.1146, followed by the previous high of 1.1275.

Overall, while EURUSD remains in a downtrend within the falling trend line, there is also the possibility of a breakout above the trend line resistance that could see the price rebound.

More By This Author: