EUR/USD To Reach Support!
The EUR/USD pair dropped deeper as expected after ignoring the 1.1527 and 1.1513 downside obstacles. The former lows were seen as support levels. Now, the currency pair stands within a down-channel pattern.
As long as it stays within this formation, below the downtrend line, EUR/USD is expected to resume its downwards movement. Still, you should be careful as the channel's downside line represents a support level, the downside movement could be stopped by this line.
EUR/USD Trading Conclusion!
Dropping below 1.1513 former low was seen as a selling opportunity. The immediate downside target is at the channel's downside line. The next potential obstacle, a downside target could be represented by the 1.1400 psychological level.
A minor rebound, a temporary growth could help the sellers to catch a new downside movement towards 1.14 or even lower.
