FX.co ★ EUR/USD deeper drop expected

EUR/USD new downtrend

The EUR/USD pair was dropping at the time of writing. As you already know from my previous analysis, the currency pair could decline deeper despite temporary rebounds. Personally, I've drawn a downtrend line. As long as EUR/USD stays under this line, it could drop deeper towards new lows.

The 1.1306 former low stands as a static downside obstacle. If the price drops and stabilizes below, it could announce a downside continuation.

EUR/USD trading conclusion

A larger downside movement could be confirmed if EUR/USD drops and stays below 1.1306 former low. This is seen as a selling opportunity as well.