EUR/USD | Recovery or further drop incoming? (READ THE CAPTION)

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By analyzing the Daily chart of EURUSD we can see that it has been on a bearish run for almost 2 months now, dropping from 1.2083 to to 1.1411! After reaching the Bullish OB, it recovered a bit but dropped again and is now being traded at around 1.1475.

Now, if EURUSD manages to close above the 1.1486 and stabilizes there, we could see a rise to the 1.1549 level, which is the low of the March 9th New Week Opening Gap and is acting as resistance right now.

However, a close below the 1.1486 level could signal further drop for EURUSD, possibly going below the low of 1.1411 to sweep the liquidity there and reach the Bullish OB again.

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