EUR/USD is testing strongest trendline support. Can it bounce?

EUR/USD is testing its strongest trendline support, which started in December 2016.

EUR/USD has been falling since May 2021 at a stance by creating a lower low pattern. Technically, EUR/USD is in a heavy downtrend and reached its swing zone.

CAN EUR?USD bounce from its swing zone and strongest support level now?

Fundamentally it is not possible now except for a minor correction. As long as the Russia-Ukraine war exists, European countries are in war threat also.

The EUR is falling just by sentiment reason. If Russia occupies Ukraine, Russia may attack eastern European countries. Based on this hypothesis, EUR is falling against most of the currencies.

Inflation and economic instability are everywhere, not only in Europe. But EUR is getting hurt mostly for war threats. So, as long as investors will scare, I think EUR/USD can't bounce back from its most substantial trendline support level.

But there is a significant possibility that we may see some profit-taking bias from the current level as EUR/USD dropped nearly 2400 pips from its trendline resistance level. So it is expected that we may see 200/300 pips profit-taking bounce from the current level.

The trendline support zone is 1.0830/1.0800. So, as long as the EUR/USD is above the trendline support zone, technically, EUR/USD may bounce from this level. SO, we may see a significant correction till 1.1000/1.1100 from this present price zone.

And breaking below 1.0800 will open the door for more selling pressure. Our 1st target to the downside is 1.0650, and the final target is 1.0400.

But keep in mind, it is very common that EUR/USD may bounce 200/300 pips from such a strong support level.