EURUSD → Potential breakdown formation. Target 1.0700?

19 nov

EURUSD remains relatively stable. The price is currently consolidating above the breakout level of 1.058, forming a potential breakout scenario. Meanwhile, the US dollar is experiencing slight depreciation during this period.

Theoretically, after the breakout, the pair has been consolidating (aiming to accumulate previous market liquidity levels) before potentially strengthening further. Key zones to watch in this case are 1.0640 - 1.0663, with a higher target at 1.070.

Fundamentally, the current interaction between the British pound and the US dollar is balanced. Therefore, before any major news releases, we can expect a potential recovery.

We need to closely monitor the price reaction to these critical levels. If the bulls defend the 1.056 level and consolidate their position just below this zone, an upward movement may occur sooner than expected.

Wishing you all the best of luck!