EURUSD had been moving within a tight ascending channel for a week or so, finally managing a break to the downside yesterday. After several visits to the 1.19 region, it is apparent this is a tough level to break.
Price is currently resting on an area of noticeable support/resistance. I am expecting this zone to break, following which we should see an initial decline to last week's low at around the mid 1.1700's. Should fundamentals permit, we could see a continuation to the November low at around the 1.16 psychological.
Coronavirus concerns combined with vaccine news and also the ongoing Brexit situation will likely be factors contributing toward/hindering any moves lower.
Price is currently resting on an area of noticeable support/resistance. I am expecting this zone to break, following which we should see an initial decline to last week's low at around the mid 1.1700's. Should fundamentals permit, we could see a continuation to the November low at around the 1.16 psychological.
Coronavirus concerns combined with vaccine news and also the ongoing Brexit situation will likely be factors contributing toward/hindering any moves lower.