EURUSD Bears Finally Get Some Breathing Room, Is It Over Yet?Euro/US DollarFX:EURUSDftdsystemEURUSD finally got some breathing room after the massive rally that started near 1.02. During that rally, the main long-term downtrend from the 2008 top (white trendline) was broken, and EURUSD climbed to nearly 1.20. Now the medium-term trend (yellow) has broken to the downside, meaning any upward moves may remain selling opportunities, at least from a technical perspective. Political uncertainty in France is adding pressure, as even centrist representatives are beginning to distance themselves from Macron. A possible election which could result in a Le Pen victory may further weaken the euro. The first key support levels to watch are 1.16 and the 1.1565–1.1585 zone, which are very close to each other. This area could trigger a short-term upward reaction or even lead to the formation of a downward wedge. However, until France’s political risks subside, any upward moves are likely to offer selling opportunities. If the decline extends beyond the 1.1565–1.1585 zone, the next target could be around 1.1375 in the coming weeks.