FX.co ★ EURUSD reaches short-term target.

Blue rectangle- resistance

Green lines- support trend line (broken)

In our analysis yesterday we noted the importance of the 1.0495-1.0490 support. We mentioned that a break below this support would lead EURUSD at least towards 1.0445. EURUSD has broken short-term support and is moving towards 2022 lows. Trend remains bearish and we remain pessimistic at least as long as price is below the blue rectangle. Previous support is now resistance. The green trend lines are now short-term resistance. A bounce higher towards 1.05 is justified. However we expect to see new lows below 1.03 as long as price is trading below 1.0620.