Current price: 1.1395
Key point: 1.1420
Our preferred strategy: Sell positions below 1.1420 with a first target of 1.1350 and then a second target of 1.1320.
Alternative scenario: Stop loss and trend reversal upon breaking the 1.1455 level, targeting the 1.1500 level.
Technical commentary
The EUR/USD pair broke the pivotal support level of 1.1420, turning it into a resistance level, and the price settled below the descending trend line from the current month's high. The pair is expected to continue its decline to the 1.1350 level, and if this level is broken, it will continue its descent to the 1.1320 level.
