EURUSD could be about to plunge below its 2023 low
EUR/USD has been consolidating between 1.0512 and 1.0606 over the past week, indicating a pause in the downtrend. This consolidation may serve as a correction, allowing the market to transition from oversold to neutral conditions.
A decisive break below 1.0512, especially during the London session, could lead traders to target support levels at 1.0450 and 1.0425, which are below the 2023 low. For this bearish scenario to hold, the price should not rebound above 1.0545 after the breakout.
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A decisive break below 1.0512, especially during the London session, could lead traders to target support levels at 1.0450 and 1.0425, which are below the 2023 low. For this bearish scenario to hold, the price should not rebound above 1.0545 after the breakout.
What is your take on EUR/USD? Share your comments below.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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