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Technical analysis

The RSI is under line 50 but closer to 20, indicating that a downtrend may prevail with a possible upward correction

The Ichimoku indicator displays a bearish sentiment.

The Stochastic suggests a possible upward correction.

What the possible outcomes are

In our most likely scenario, the EURUSD pair may challenge the first support level of 1.17048.

A pass below the first level can move the price up lower toward 1.16352.

Alternatively, the EURUSD pair may attempt to recover towards the first resistance level of 1.17622.

If the pair surpasses the first resistance level, we should expect a continued surge towards the second resistance level of 1.18226.

Key levels

Support 1.16352 1.17048

Resistance 1.17662 1.18226