The EUR/USD pair has been under bullish pressures since the 28th of October 2015, with the bulls leading the price from as low as 1.0899 to as high as 1.1069.
Today, the pair consolidated between the levels of 1.1049 and 1.1017. Provided that there is a considerable amount of support below the uptrend line, the bulls could manage to resume their buying activity and push the price upwards. In the event that the price succeeds in breaking above the level of 1.1084, the pair could escalate up to 1.1143 and 1.1199 in extension.
Conversely, in the scenario where the sellers win in their current battle and overweigh buyers in trading volume, they could force the price lower. In case that the price breaks below the level of 1.0964, the price could decelerate down to 1.0933 and 1.0899 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.