FX.co ★ EUR/USD: more declines to follow

EUR/USD Uptrendline Violated!

The EUR/USD pair found a strong supply around the 1.0598 former high and now it has registered a strong drop. The uptrend line represented a downside obstacle. Dropping below this line signaled a potential further drop at least towards the 1.0486.

The 1.0486 former low represents a downside obstacle. Technically, the EUR/USD pair is trapped between 1.0598 and 1.0486. Its failure to jump and stabilize above 1.0598 signaled that the upside movement could be over.

EUR/USD Trading Conclusion!

Dropping and stabilizing below 1.0486 could activate more declines. This scenario could bring new selling opportunities.