The euro currency has fallen to a fresh yearly lower against the US dollar as the decline in the pair starts to accelerate on the foreign exchange market. A key rising trendline that has been in place since the start of March 2020, at 1.1710, now offers key weekly support for the EURUSD. If EURUSD bears are able to break this key trendline then the November 2020 low, around 1.1600 could come into focus.
The EURUSD pair is only bullish while trading above the 1.1835 level, key resistance is found at the 1.1890 and 1.1930 levels.
EURUSD pair is only bearish while trading below the 1.1840 level, key support is found at the 1.1710 and 1.1600 levels.