FOREX MARKET ANALYTICS
EURO - Price can continue to decline in falling channel

Hi guys, this is my overview for EURUSD, feel free to check it and write your feedback 👊

For a long time, the price was moving within a large ascending wedge, showing a gradual upward trend.

However, buyers failed to maintain momentum, and the price made a decisive breakout below the wedge's support line.

Following the breakout, the instrument established a new structure, a local falling channel, and has been trading within its boundaries since.

Currently, the price is in a corrective upward move, approaching the key resistance area of $1.1630 - $1.1660.

This zone is significant as it aligns with a previous support level and the upper boundary of the current falling channel.

I expect that the price will face rejection from this resistance area and will then continue its decline towards the channel's support line, targeting the $1.1465 level.

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