- EURUSD under strong bearish pressure
- Likely to fall to 1.1700
EURUSD under strong bearish pressure today – as the result of the growing USD bullishness due to the reintroduction of multiple progressively stricter lockdowns across Europe. The price earlier broke the upward sloping support trendline from June – which coincided with the breakout of the short-term trend daily up channel from the end of September – which added to the bearish pressure on this currency pair – and accelerated the active correction (ii).
Given the intensifying bullish USD sentiment seen across the markets – EURUSD is expected to remain under bearish pressure in the coming trading sessions. The pair is likely to fall to the next meaningful support level 1.1700 (which is the low of the previous correction 2 and the projected price for the completion of the active wave (ii)).