FX.co ★ EUR/USD

Hello traders, EURUSD has been trading in a narrow price range for several days now. Bears are attempting to break the situation and push the pair south. On the daily chart, it is evident that the pair is in a downtrend. The price is trading below the Ichimoku cloud, indicating a downward impulse. During the last trading session, the pair was trading near the reversal level at 1.1543. Classic Pivot levels serve as intraday reference points for the decline. I assume that if the price consolidates below the pivot, the decline will continue, and a breakthrough of the first support level at 1.1448 will lead to a new wave of decline for the pair, continuing south below the support line around 1.1388. However, if buyers return to the market, their reference point on the current chart segment will be the resistance level at 1.1603.