Looking at EURUSD chart, we can see that after the failed attempt to move past the 1.138 on January 1st there was a subsequent retraction to the 1.134 level where it acted as a temporary support. However, the negative pressure buildup couldn’t hold the 1.134 support leading to a fall to the 1.13 price level. Support was formed and tested multiple times at 1.1275 and 1.134 price range now acting as a resistance level. It is currently traded at the 1.13 price range.
Today we could expect a move towards the 1.132 range or possibly the 1.134 resistance level.
If however, it does not manage to hold above the 1.13 range then a move towards the support of 1.275 could be expected.
Comments
Log in or sign up to join the conversation.