As of writing, EUR/USD was trading near the level of 1.0763, moving within the long-term zone below key resistance levels 1.0960 (144 EMA on the weekly chart), 1.1070 (200 EMA on the weekly chart) and the short-term zone below resistance levels 1.0894 (200 EMA on the 4H chart), 1.0833 (200 EMA on the 1H chart).
There is currently nothing holding the pair back from falling towards the zone of key support levels at 1.0720 (144 EMA on the daily chart), 1.0700, 1.0685 (200 EMA on the daily chart), which also separate the medium-term bullish market from the bearish one.
A breadown of today's low at 1.0747 could serve as a signal to open and increase short positions, with targets at the support levels of 1.0720, 1.0700, 1.0685.
A breakdown of the local support level at 1.0520 would ultimately bring EUR/USD back into the zone of the global bearish market.
In an alternative scenario, EUR/USD may resume its rise. The "fastest" signal to enter long positions, in this case, would be a breakout of resistance level at 1.0786 (200 EMA on the 15-minute chart) and today's high at 1.0795, with confirmation from a breakout of resistance levels 1.0865 (50 EMA on the daily chart), 1.0894.
If the pair consolidates within this zone, the targets for growth will be the resistance levels at 1.0960, 1.1000. However, for a definitive breakthrough into the long-term bullish market zone, the pair would need a confirmed breakout of the 1.1070 resistance level.
In the event of a successful development of this scenario for the pair, the target for growth will be the 1.1600 resistance level (200 EMA and 144 EMA on the monthly chart), which separates the global bullish trend from the bearish one.
In the current situation, short positions still appear to be preferable.
Support levels:1.0720, 1.0700, 1.0680, 1.0600, 1.0520
Resistance levels: 1.0786 1.0795 1.0833 1.0865 1.0894 1.0960 1.1000 1.1070 1.1090 1.1125 1.1200 1.1300 1.1400 1.1500 1.16 00