The EUR/USD pair has been moving lower since the 25th of November 2015, with the price decelerating from as high as 1.0687 to as low as 1.0558.
During the course of the day on Friday, the pair went back and forth testing the 1.0637 resistance line to fall back again down to 1.0568. Today, the pair consolidated between the levels of 1.0594 and 1.0558. In the event that the buyers attempt another rally and the price manages to break above the previous test point at 1.0622, the price could escalate up to 1.0637 and 1.0687 in extension.
Conversely, in the scenario where the sellers keep exerting strong pressures and the price breaks below 1.0558, the pair could go decelerate down to 1.0534.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.