The EUR/USD pair has been under bearish pressures since the 8th of January 2016, with the price falling from as high as 1.0969 to as low as 1.0811.
On Tuesday, the major went back and forth, reaching the high of 1.0901 to subsequently drop down to 1.0820, and then rise once again up to 1.0878. Today, the pair fell from 1.0862 down to 1.0814 at the time of writing. With that being the case, it seems like the sellers will keep pushing the pair lower. In the event that the price breaks below 1.0809, profit targets could be set at 1.0784 and 1.0744 respectively.
Conversely, in the scenario where the price finds enough support below 1.0809, the pair could be forced to bounce back to the upside. Provided that the price breaks above 1.0871, the pair could escalate up to 1.0891 and 1.0909 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.