The EUR/USD pair has been declining aggressively since the 24th of August 2015. The strong bearish pressures began from as high as 1.1717 to as low as 1.1157. Currently, the price is trading at 1.2225.
Lately, the pair has been showing signs of retracement to the upside, spotted from 1.1171 to 1.1255, indicating that the bulls are struggling to gain momentum. In the event that they manage to push the price above the resistance level of 1.1283, the currency pair may escalate up to 1.1433 and 1.1498 respectively.
Alternatively, in case the buyers continue to exert downward pressures and the price breaks below 1.1157, the price could be forced down to 1.1019.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.