FX.co ★ EUR/USD: larger drop to be activated below 1.0533

EUR/USD New Downtrend!

The EUR/USD pair is moving somehow sideways right above the 1.0533 former low which stands as a downside obstacle. Dropping below the uptrend line, the EUR/USD pair signaled that the uptrend ended and that the sellers could drag it down again. Now, it's trading at 1.0555 at the time of writing.

Personally, I've drawn a downtrend line connecting the higher high with the lower high. Technically, this represents an upside obstacle, so as long as it stays below it, the currency pair could drop deeper.

EUR/USD Trading Conclusion!

Dropping and staying below 1.0533 may announce more declines and is seen as a selling opportunity.