EURUSD retraced up almost as high as the 1.00 level last week before it was rejected and slid back to 0.98. Ultimately, this bullish move should still be viewed as a correction within the overall downtrend, as no key resistance zones or trend lines have been broken (see chart).

Thus, 1.00 is now solidified as resistance. The falling trendline is now coming below parity and closer to the 0.99 level, which could mean this will become a stronger resistance in the near future.

EURUSD is already falling fast this week and trading below 0.97. To the downside, the focus remains at 0.95 as a key target – which if reached – will likely also open the way for an extension lower toward 0.92 and 0.90.