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The EUR/USD pair found a strong supply around the 1.0598 former high and now it has registered a strong drop. The uptrend line represented a downside obstacle. Dropping below this line signaled a potential further drop at least towards the 1.0486.
The 1.0486 former low represents a downside obstacle. Technically, the EUR/USD pair is trapped between 1.0598 and 1.0486. Its failure to jump and stabilize above 1.0598 signaled that the upside movement could be over.
Dropping and stabilizing below 1.0486 could activate more declines. This scenario could bring new selling opportunities.
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