EUR/USD: Downtrend Extends With Key Resistance In Focus
EUR/USD has continued its downward move, dropping from 1.1201 to a low of 1.1041.
Key Levels to Watch
- Resistance at 1.1100:
- The key resistance level to watch is 1.1100.
- As long as the price remains below this resistance, the downtrend is likely to continue, with the next target around 1.1000.
- Potential Reversal:
- If the price breaks above the 1.1100 resistance, it would signal that the downtrend may be over.
- In this case, the next target would be the 1.1140 area.
Conclusion
EUR/USD is in a downtrend, with the key resistance at 1.1100 determining the next move. A break below this level could lead to further declines toward 1.1000, while a breakout above 1.1100 might signal the end of the current downtrend, targeting 1.1140. Traders should keep an eye on these levels to navigate the pair’s next direction.
More By This Author:
EUR/USD: Continued Downside With Key Support Levels In FocusEUR/USD: Breaks Below Channel Support, But Uptrend May Still Resume
EUR/USD: Consolidation Within Uptrend Hints At Further Gains
Disclaimer: Futures, options, stocks, ETFs and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against ...
moreComments
![](/images/tinyMceCommentImg.png)