EUR/USD Downtrend Momentum: Watch for Break or Bounce

• Prevailing Trend: The EUR/USD showcases a strong downtrend, with lower highs and lower lows indicative of bearish momentum.
  Key Resistance: A recent resistance test near 1.09947 led to rejection, affirming the downtrend's strength.
  Support Levels to Watch: The immediate support is at 1.06976, a potential target for continued bearish action.
  Potential for Reversal: Indications of a reversal, such as strong buying pressure or bullish candlestick patterns near support, could signal a shift in momentum. However, confirmation is necessary.
  

Projection:

• Bearish Continuation: With the price below 1.09947, selling on rallies towards this level with a target of 1.06976 support could be considered. Waiting for a pullback to a broken support-turned-resistance may offer a better risk-reward entry.
  Reversal Watch: A bullish turnaround at the 1.06976 support or a breakout above recent highs should prompt a reassessment of the bearish perspective. Entering long positions should be contingent on clear bullish confirmations.
  

Endnote:
The EUR/USD's bearish pattern suggests a continuation of the downward trend with the spotlight on the 1.06976 support level. Keep an eye out for any bullish reversal signs and apply robust risk management, as market conditions can change rapidly.

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price breaks last day's low 1.07680