EUR/USD has broken consolidation range support near the 1.01 figure after a rebound from July lows faltered near the 1.04 handle. This is where a downward-sloping trend line from February 2022 is bolstered by a former support zone dating to mid-May, now recast as resistance.
The breakdown seems to set the stage for another test below the parity threshold, eyeing support in the 0.9950-96 area.
Neutralizing near-term selling pressure seems to demand a convincing return to 1.02. A broader bullish reversal with follow-through potential probably demands reclaiming a foothold above 1.04.
The breakdown seems to set the stage for another test below the parity threshold, eyeing support in the 0.9950-96 area.
Neutralizing near-term selling pressure seems to demand a convincing return to 1.02. A broader bullish reversal with follow-through potential probably demands reclaiming a foothold above 1.04.