The EURUSD currency pair is currently facing a significant resistance level at 1.1100. As long as this resistance holds, the recent bounce from 1.1026 may simply be a consolidation phase in the ongoing downtrend that started from 1.1201. If this consolidation continues, we could see another decline shortly after.
The initial support to watch is at 1.1065. If the price breaks below this level, it could trigger a further decline, potentially testing the 1.1026 support. Should it fall below that, the next target would be around the 1.1000 area.
On the upside, a breakout above the 1.1100 resistance would suggest that the recent downtrend from 1.1201 has come to an end at 1.1026. In this scenario, the next target to look for would be the 1.1140 resistance level.
In summary, traders should closely monitor the 1.1100 resistance and 1.1065 support levels, as they will play a crucial role in determining the EURUSD’s next moves.