Looking at the EURUSD weekly chart, we can see the increased volatility after Lagarde’s announcement on the 28th of October resulting in the spike breaking the 1.162 resistance, topping at 1.168, and the subsequent fall to the 1.153 the very next day.
Image Source: Pixabay
Since then EURUSD managed to steadily climb and consolidate along the way, occasionally testing the now new resistance level of 1.16, failing, but ultimately holding its ground in the 1.158 range. It is currently traded at 1.158 close to the 1.16 and 1.162 overhead resistance levels and support can be found at 1.153.
Today we could expect an extension of the short-term trend and move above the 1.16 price range.
If however, it doesn’t manage to hold its current level then a case for a move towards the 1.153 price range can be expected.
(Click on image to enlarge)
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