EUR/USD Forecast: Potential Drop Ahead?
As it can be seen from the daily time frame, the price of the EUR/USD pair has approached the key levels such as a local downtrend (the points 1 and 2), horizontal resistance level of 1.0800, and 50% Fibonacci level expanded along the latest descending move (the level of 1.0770). Also, the asset’s price is located below the middle point of the weekly downtrend denoted on the chart by the dashed line. It seems that the currency pair might drop next week.
The price of Ethereum keeps testing a very strong psychological supporting level of 1700. Should Ethereum manage to break this level, it might drop. Currently, the asset is likely to jump, targeting the level of 3000.
The U.S. Dollar Index is undergoing correction, but it is likely to retest the resistance area formed between the levels 104 and 105 and drop.
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