Current price: 1.1465
Key point: 1.1470
Our preferred strategy: Sell positions below 1.1470 with a first target of 1.1440 and then a second target of 1.1375.
Alternative scenario: Stop loss and trend reversal upon breaking the 1.1500 level, targeting the 1.1560 level.
Technical commentary
The EUR/USD pair reached a strong resistance zone at the 1.1470-1.1500 levels, coinciding with the 200-period moving average on the four-hour timeframe and a descending trend line from the peak of last May.
The price is expected to resume its decline to the 1.1440 level, and if it breaks below that level, it will head towards the 1.1375 level.
