EU continues to move below 1.0500
Updated
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Currently, on the 4-hour chart, the currency pair has reached the lower boundary of a downward channel. The area around the 1.0450 level is an important support level indicating the possibility of a correction or consolidation. However, breaking below this level could accelerate the downtrend, potentially targeting 1.0400. On the upside, immediate resistance is seen around 1.0490, followed by 1.0520. As long as the pair remains below 1.0540, a downward move could lead to new lows in the cycle.
Currently, on the 4-hour chart, the currency pair has reached the lower boundary of a downward channel. The area around the 1.0450 level is an important support level indicating the possibility of a correction or consolidation. However, breaking below this level could accelerate the downtrend, potentially targeting 1.0400. On the upside, immediate resistance is seen around 1.0490, followed by 1.0520. As long as the pair remains below 1.0540, a downward move could lead to new lows in the cycle.
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