The EUR/USD has finally broken out of consolidation to the downside. However, traders should be careful as there is significant support in the 1.0950 area. Bearish momentum through support could result in price dropping to the next support level of 1.0888. If price struggles in the 1.0950 area it could be a sign that price is going to reverse upward towards 1.1120
For the upcoming week, traders should look for the USD to move higher and EUR to move lower, but be mindful that nearby USD resistance and EUR support could result in a reversal.
After trading in a range for the past several weeks, EUR/USD has broken out of the 100-pip range and dropped 200 pips over the past 3 days. Traders should remain mindful of major resistance level 1.111 and support level 1.0968. The trend bias is downward, however, price may retrace upward before dropping towards major support.