Although it almost reached 1.03, EURUSD remained in the consolidation range roughly between 1.01 and 1.0250 over the past week. The trend here is down, and the momentum is strong. Consolidation appearing in such a trend is suggestive that continuation down will follow sooner or later.

The bearish channel that started in February 2022 (when Russia attacked Ukraine) is in focus for traders. It very well defines the downtrend and remains intact, with the 1.0350 resistance zone being the key point on the chart. As long as EURUSD stays below 1.0350, the trend momentum will remain strongly bearish.

The next resistance higher is 1.05. It is also an important technical zone. To the downside, parity (1.00) is the important support zone that everyone is watching. If parity breaks again, 0.98 and 0.95 are the next support zones lower.