EUR/USD: Pair Hovers Near Key Support Levels

Looking at the EUR/USD 4-hour chart, we can see the extended downtrend lasting for more than a month, falling from the 1.19 down to 1.155 price level, failing to consolidate along the way.

EUR/USD 4 hour chart.

The pair formed a temporary support base at 1.156 during the past week. Now, it appears vulnerable to a breakdown with increased downward pressure. EUR/USD is currently hovering near the 1.157 price level, close to its 1.156 support.

Today we could expect a pattern continuation as negative momentum is at play, leading to a further decline in price. A breakdown from the support of 1.156 towards 1.154 could be a possibility.

If it manages to hold above the 1.156 support level and consolidates, a case for reversal arises, and a rise towards the 1.163 price level could be expected.

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