FX.co ★ EUR/USD Downtrend May Resume!

EUR/USD registered a temporary growth but the downside outlook is intact as the price is traded far below the red downtrend line. The pair could drop deeper and reach fresh new lows if it comes below 1.19 psychological level.

EUR/USD developed the current downtrend after dropping below the uptrend line. It could resume the downside movement despite minor and temporary rebounds, bounce backs. 1.18, 1.17, and 1.16 levels are seen as downside targets if EUR/USD continues to drop and as long as it is located under the downtrend line.

Trading Conclusion!

Dropping below 1.19 psychological level and stabilizing there for 2, 3 sessions could signal that EUR/USD could continue to drop below 1.1820 former low, peak low.