EURUSD breaking the boundaries of the prolonged downtrend channel, the pair is currently struggling below the resistance level at 1.0448, aiming for consolidation that could set the stage for a further rally of at least 100 to 200 pips.The global trend remains bearish, and it is still too early to confidently declare a reversal. Prices are facing significant pressure at the critical resistance level of 1.0448. However, signs of a potential breakout are beginning to emerge in this area. If the US dollar continues its corrective movement, EURUSD could have a chance to confirm a shift in the current trend. A decisive breakout above 1.0448, followed by consolidation, could pave the way for the next bullish momentum.
Key levels to watch:
Resistance levels: 1.0448, 1.0607
Support levels: 1.033, 1.0222
Currently, all eyes are on the critical resistance level of 1.0448. A breakout and stability above this level could provide an attractive entry point for long positions, setting the stage for the next phase of growth.
Sincerely, Bentradegold!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.