EurUsd could rebound from support zone

6 Des 2023

As anticipated, EUR/USD rose and reached the significant 1.1 threshold. Right after testing this resistance level, the pair experienced a sharp decline, plummeting by more than 200 pips within a few days, suggesting the possibility of a market top.

Currently, the pair is trading just above the support level (1.0760-1.0770 zone). In the short term, there's potential for a rebound, leading to a correction of the recent downturn and a rise to the 1.09 zone.

For more conservative traders, this rebound could serve as a selling opportunity, anticipating a breach of the support level and a subsequent decline toward the 1.05 zone.