Hello traders!
Today, EUR/USD fell below 1.0600 for the first time in several months, breaking above the key support level of 1.0630. With prices below that, there is a possibility of further losses. The daily chart shows the pair heading towards a range of 1.0510 to 1.0530, which represents the February and March lows.
Looking at the technical picture on the 4-hour timeframe, we can see that the support around 1.0560 could trigger a recovery. The 1.0600 and 1.0630 levels have now become significant resistance levels. A drop below 1.0550 could lead to increased volatility and the possibility of a faster price decline.
Today, EUR/USD fell below 1.0600 for the first time in several months, breaking above the key support level of 1.0630. With prices below that, there is a possibility of further losses. The daily chart shows the pair heading towards a range of 1.0510 to 1.0530, which represents the February and March lows.
Looking at the technical picture on the 4-hour timeframe, we can see that the support around 1.0560 could trigger a recovery. The 1.0600 and 1.0630 levels have now become significant resistance levels. A drop below 1.0550 could lead to increased volatility and the possibility of a faster price decline.
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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.