FX.co ★ EUR/USD 1.0789 downside obstacle ignored

EUR/USD deeper drop

The EUR/USD pair extended its downside movement and now is trading at 1.0772 at the time of writing. As you can see on the H1 chart, the rate ignored the 1.0911, 1.0836, and 1.0789 former low (downside obstacles) activating further drop.

As long as it stays below the downtrend line, the price could approach and reach new lows. The next downside target is represented by the 1.0724.

EUR/USD trading conclusion

A drop below 1.0798 former low confirmed a deeper drop at least towards 1.0724. A larger downside movement could be validated after dropping below 1.0724.