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The EUR/USD pair was able to maintain the previously set downward movement last Friday. This resulted in a consolidation of the quotes below the support level of 1.1650, which gives a signal for an even huge decline of the European currency in the long term.
Looking at trading signals in detail, it can identify the main levers for sellers:
The technical analysis is based on a consistent decline, where the price managed to break through several important support levels (1.1810; 1.1700 and 1.1650), which may indicate the prevailing downward interest in the market.
The fundamental analysis comes from the negative COVID-19 background, where the rapid rise of new cases is forcing European countries to tighten quarantine measures, which leads to a similar scenario that happened in spring and an economic downturn.
Regarding the quote's current location, it can be seen that the price is consolidating below the level of 1.1650, which increases the chances of reaching and breaking the local low (1.1612) from September 25.
We can assume that if the price consolidates below 1.1612, it will lead to even more hype on sellers' part, which may lead to the restoration of the downward course set in the September period. In such a scenario, the market development prospect considers a consistent change in the price trend from an upward to a downward one.
The price coordinates of the possible prospects are 1.1550; 1.1350; 1.1180; 1.1000.
Alternatively, we can consider a natural price rebound from the area of the local low (1.1612) on September 25. In this case, there will be a slowdown followed by a pullback/correction, where the downward interest will likely remain in the market.
Looking closely, the market is more focused on further weakening the euro.
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