EUR/USD is heading towards the 1.1050/1000. What is next?

EUR is having a difficult time. EUR has weakened against most major currencies, especially against the king USD. Last FOMC was a mix, and FED hints for the rate hike. Even yesterday, the United states advanced printed 6.9% from 2.3% whether the market forecasted only 5.3%. Overall, it was supposed to drop EUR against the USA. Even today's German GDP fell as well. Overall, EUR is under colossal pressure against the USD.

Technically, EUR/USD breaks below its previous swing low of 1.1200. It is now heading to its trendline support and psychological support level of 1.1050/1.1000 price zone.

As 1.1050/1.1000 is a strong and trendline support zone, we may see some upward correction from the 1.1050/1.1000 price zone. Until it tests the 1.1050/1.1000 price, I don't think EUR/USD can bounce back to the upside.

As the USD is a safe-haven currency, the covid situation gives it's an extra benefit, and even the FED will raise their interest rate in March and four times this year. So, investors are also running to the USD.

So, based on technical analysis, EUR/USD stays at its previous support level and holds below the trendline. So, it is expected that the EUR/USD will test the 1.1050/1.1000 price zone very soon. And 1.1050/10000 is trendline and psychological support so that we can see some upward correction from the 1.1050/1000 price zone as well.

But the USD is in a suitable place we should not forget it. So, any upside swing of EUR/USD will be limited, keep in mind. And from the present price zone, trendline resistance is identified at 1.1350/1.1400. So, we can't think that very soo EUR/USD can go above the 1.1400 price zone.