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02.11.2023 08:06 AM
The EURUSD pair broke above the key level of 1.0550-1.0600 and continued its bullish trend towards 1.1000 and 1.1200.
The bulls reached the resistance zone around 1.1200 but failed to sustain the momentum.
Meanwhile, the bears pulled back the price towards 1.0950 where the pair met the short-term uptrend line.
The price reversed from this level and started to drop towards 1.0800, which acted as a temporary daily support before further downside movement.
The pair broke below the uptrend line and confirmed the bearish trend. Since then, the EUR/USD pair has been falling for a week.
The next target for the bears could be 1.0450, where several support levels are located. However, any bullish correction towards 1.0800 could be a good opportunity to sell (backside of the broken uptrend line).
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