EUR/USD falls further but technically it could have further to go

This update is going to look at the technical picture on the EUR/USD because we know the fundamental reasons why it has set a new 2024 low a little earlier this morning, at 1.0535. So, please look at a weekly bar chart of the EUR/USD on the platform. You will see what is unfolding on that- a double headed Head and Shoulders formation. The double head is in place just above 1.12 and the neckline, which has been broken, is in place at approximately at 1.0685. If you take the distance from there to the high at 1.1214 and then subtract that back through the neckline level, you will arrive at a measured move target around 1.0156. From here on any move back to test the neckline again (1.0685) should meet with serious resistance. The range seen so far today has been covered by that noted, new 2024 low and an earlier high at 1.0569. The EUR/USD is currently trading at 1.0543