FX.co ★ EUR/USD: deeper drop in cards

EUR/USD 1.0801 Obstacle!

The currency pair is located at 1.0823 at the time of writing. It has dropped within a down channel, so as long as it stays below the downtrend line, the rate could approach and reach new lows.

Technically, the former low of 1.0801 represents a downside obstacle. A downside continuation could be invalidated only if the rate stays above the downside obstacle and if it jumps above the downtrend line.

EUR/USD Trading Conclusion!

Dropping below 1.0801 confirms more declines ahead. The channel's downside line is seen as a downside target.