Euro Drops As Resistance Holds

The euro currency continues to decline after failing at the resistance level of 1.1055. Even further declines could come in the near term.

The downside target is at 1.0787 where support will most likely form. However, we could expect EURUSD to attempt a rebound.

Price action could continue higher on a rebound above 1.1055 for any further gains to come through.

In the meantime, we expect the downside bias to remain open.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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