EUR/USD Consolidates Before Resuming Downtrend
The technical analysis of the EUR/USD chart shows the formation of an inverted head and shoulders pattern. After a sharp decline, the pair is in a short-term consolidation within a slightly rising price channel. However, the main trend remains bearish, with the 34 and 89 EMAs above the current price, acting as strong resistance.
The most likely scenario is that the price continues to move within the consolidation channel before breaking below the support zone around 1.0815. If the price breaks this zone, it could head towards a lower target around 1.0800.
The most likely scenario is that the price continues to move within the consolidation channel before breaking below the support zone around 1.0815. If the price breaks this zone, it could head towards a lower target around 1.0800.
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