EURUSD drops below short-term bullish trendline


The greenback has been accelerating higher recently as sentiment worsened, and the global COVID-19 situation is deteriorating rapidly.

The EURUSD pair is down for four consecutive days, and on Thursday, it was seen 0.40% lower ahead of the US session, trading at around 1.17.

The euro dropped below the short-term uptrend line during today's decline, which switched the short-term trend to bearish. Moreover, the pair is now testing previous lows of 1.17, which has been strong support since August. 

If the single currency drops below this level, we could see a quick drop toward September lows of 1.16. Moreover, if the global situation and sentiment don't improve soon, the EURUSD pair might drop toward the important level of 1.15, or possibly to June's highs near 1.14.

Alternatively, the intraday resistance could now be at the broken trendline, currently near 1.1740, and the second selling area is expected at 1.18.

The greenback is still considered a safe-haven currency, and it tends to strengthen in times of fear and panic. 
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