EURUSD: Strategic support

EURUSD, Daily

In the Daily timeframe, EURUSD formed a descending channel pattern after a substantial drop. The price reached the critical support area and the lower trend line. At the same time, the price crossed the lower Bollinger line, and the %R showed extreme oversold.

• A trend line break below 1.0690 will drop EURUSD to 1.0610;

• A rebound from the trendline will bring the price back to the upper trendline at 1.0800;