The EUR/USD currency pair is currently testing a significant resistance level at 1.0839. This point is crucial because if the price breaks through, it could signal the end of the recent downward trend that started from 1.1213 and found support at 1.0761.
Should we see a breakout above 1.0839, the next target would be the resistance level at 1.0870, followed by a potential move towards the 1.0930 area.
However, as long as the resistance at 1.0839 holds firm, we may be looking at a consolidation phase within the trading range of 1.0761 to 1.0839. In this scenario, a breakdown below the support level at 1.0780 could open the door for further declines, potentially retesting the 1.0760 support. If that level fails to hold, we might see the price aim for the 1.0730 area.