EURUSD faced rejection at the third touchpoint of the upper band of the descending channel, coinciding with a minor resistance level at 1.06225. Now that the price has retraced to the support, I anticipate a break of this level, primarily due to the strong demand for the U.S. Dollar in the ongoing uptrend. This could potentially drive the EURUSD pair down towards the marked target levels below.
However, it's worth noting that there's a possibility of a reversal at this support level, pushing the price back up to the 1.06225 resistance level.
What are your thoughts on this analysis? Feel free to share your comments below
However, it's worth noting that there's a possibility of a reversal at this support level, pushing the price back up to the 1.06225 resistance level.
What are your thoughts on this analysis? Feel free to share your comments below
