EURUSD Breaks the Trend Line

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The euro currency opened on Monday on a bearish note.

The declines were sparked by concerns of another surge in the COVID-19 cases, threatening yet another lockdown.

In response, the EURUSD is trading bearish and it is quite likely that prices will close past the trend line.

A continuation of the current momentum will potentially see the common currency back near the support area of 1.1715.

Given the prolonged sideways range since late August, price action will likely break the support. This in turn could accelerate declines down to the 1.1600 level next.

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