One year lows on the EUR/USD

The EUR/USD breaks below the 1.1500 level as shown on the daily chart and reaches the 1.1400 level. This is the first time the EUR/USD visits the 1.1400 level in a year. The pair keeps its bearish trend and it may try to continue falling to the 1.1300 level. On the other hand, the price may leave behind a false breakout of the 1.1400 level and go back up in a correction. In case of a pullback, the EUR/USD may find some resistance at the 1.1500 level, which was support in the past. Above the 1.1500 level, its most relevant resistance is the 55 day EMA around the 1.1676 level, which has been acting as a good resistance. Above the 55 day EMA, its 200 day EMA at the 1.1835 level may also act as resistance. Another possible scenario is that the EUR/USD may consolidate between the 1.1400 level and the 1.1500 level without taking a clear direction.