EURUSD is leaving lower lows and lower highs creating a descendant channel. EURUSD has been growing since the middle of March and the consolidation began in August. EUR will be under pressure due to hard quarantine. The US and the European Union will release indices of business activity in the manufacturing sectors.
The support rests at 1.16230 with resistance at 1.16610. Both lines are located below the weekly pivot point at 1.17160. All indicators are showing downward pressure. The violation of support line will push the price down towards 1.16000. Considering the correction pattern, if the resistance line is broken, buyers can target 1.17000.
