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EUR/USD breaking into crucial support zone
EUR/USD is currently breaking below the 1.1115 support level, following a deterioration in price overnight. With 1.1115 representing the 26 January low and 1.1045 the late March resistance level, I have always seen the zone between the two as a crucial support and resistance zone.
This does not mean it will always reverse price, but it has happened as often as it has passed through with ease. As such, I am watching for a possible bounce higher in this zone, which given the ascending trendline also in play, seems likely. As such, I am watching for price to reverse higher from this zone, towards 1.12. However, a move below 1.1045 would likely lead to a move to 1.0969.