The price of the euro against the dollar has recently dropped again, but from Tuesday we are dealing with an upward rebound. The bulls led the price to 1,1300 on Monday, and now its test is taking place from the bottom as a new resistance. The fate of this pair depends on the success of this test.
If we look at the four-hour chart from a longer distance, we will see that this year the level of 1.1300 has so far stopped the declines in EURUSD twice – in August and October. For the first time, supply managed to defeat it. If there is a reflection from below in the vicinity of the resistance, it may be a signal for further declines.
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EURUSD was not that low for a year and a half, so you have to move the daily chart far enough to look for targets for declines. The first candidate seems to be around 1.1100-15, where between 2015 and 2017, the price reacted several times. In the case of a return to growth, the bulls will encounter the first barrier in the region of 1.1430.