At the moment the currency pair is moving around the level of 1.1022, which is around 23.6% fibo abolition of inheritance from 1.1427 - 1.0909. Given the recent dramatic declines and no new minimum (during the Monday session), we can assume that the demand side begins to catch his breath. It may suggest the development of local correction toward resistance 1,1058-80. Further targets will be the levels of 1.11 and 1,1168-88 (38.2% sequentially and 50% fibo recent declines and the peak of 24 June). Especially this zone should be a strong barrier to demand. The single currency is under pressure and higher price levels can be a great opportunity to open short positions.
Given the large nervousness and uncertainty that prevails at the moment, we may see further declines without prior correction. In this variant, the supply will head towards 1.0971 and 1.0909. In a more pessimistic version of the Eurodollar market may experience decreases even in the area 1,0810-1,0825.
In my opinion, a variant of the local correction and further declines seem to be more likely.
Given the large nervousness and uncertainty that prevails at the moment, we may see further declines without prior correction. In this variant, the supply will head towards 1.0971 and 1.0909. In a more pessimistic version of the Eurodollar market may experience decreases even in the area 1,0810-1,0825.
In my opinion, a variant of the local correction and further declines seem to be more likely.