Downtrend Extends with Key Resistance in Focus – Forex Market Analysis – ForexCycle.com
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.
