EUR/USD: detailed chart breakdown. Where is the next target?

As it can be inferred from the chart, after breaking out of the ascending trend-line illustrated on the chart, the price has been ranging between the borders of a formed consolidation box. Right after the markets opened a few hours ago, the price dropped and closed below the formed rectangular box to grab some liquidity. It is highly possible that the price will perform a correctional move before plummeting even further. We are eyeing the 1.1 zone of resistance lining up with 0.618 Fibonacci retracement level for possible SELL positions. The target will be set at the March Low of 1.08.

Happy new trading week, everyone!