How far will EUR/USD fall

As most banks around the world are closed today , there's not enough volume to trade so we should see more ranging /consolidating markets today.

Key support level to watch out for EUR/USD, end of day expiry would be 1.11530. By end of the day this pair should be ranging between 1.11500-1.11850.

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EUR/USD went  higher last week because of the meeting  on Wednesday, but since then, the world’s most widely-traded pair has slowly but surely given back most of those gains. Since last Thursday’s high, rates have been consistently edging lower within a near-term bearish channel, and based on the price action alone, the unit shows no signs of breaking this trend any time soon.

We are asking   how far will EUR/USD fall?  In our view, EUR/USD should logically be trading higher now than it was at the start of the last week. Therefore, we’d favor a bullish breakout and possible move back toward 1.1300 at some point next week   Of course we will  follow economic data. Price is the only thing that pays, so short-term EUR/USD traders may want to consider waiting until the unit has definitively broken the bearish channel one way or another before committing too aggressively.