Because of the news about Fed Chair Powell possibly stepping down, the euro rose from around 1.1560 to 1.1720 the day before. After that, the euro started trading with little power to rise further.
In the New York market, strong U.S. economic data caused the euro to fall to 1.1557. Later, it recovered slightly to around 1.16. The area around the middle of 1.15 is an important support line from March, so the fall stopped for now.
This point is where the upward trend line and the downward trend since the July 1 high of 1.1829 cross. If the price clearly falls below the upward trend line and ends there, it could mean the start of a new downward trend.
Expected EUR/USD Range: 1.1540 – 1.1630
Note: This information does not guarantee profits. Please make your own decisions when trading.