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EUR/USD aims at 1.1500 psychological level

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EUR/USD downtrend still intact

The EUR/USD pair reached new lows after failing to approach, reach, and retest the immediate downtrend line. The sellers are very strong, that's why the rate dropped under the former low of 1.1564.

Importantly, when the price drops below a former low and stays there, it means that the sellers are strong and that the downside movement is likely to continue. As you can see on the H4 chart, EUR/USD ignored several former lows announcing more declines, a deeper drop.

EUR/USD trading conclusion

Failing to reach and retest the downtrend line signaled a massive selling pressure. Also, dropping below 1.1564 confirmed a deeper drop. The psychological level of 1.1500 represent a potential downside target.

The material has been provided by InstaForex Company - www.instaforex.com