EURUSD has made a breakout to the upside above 1.08846 which is above critical level. It is above the monthly resistance line and as it looks now the 1.09860 resistance line is very close.
EURUSD has made a breakout to the upside above 1.08846 which is above critical level. It is above the monthly resistance line and as it looks now the 1.09860 resistance line is very close.
The price found enough buyers' strength to make a breakout to the upside. The breakout was confirmed with the Tuesday candle.
The 1.09860 is a very important level on the weekly and monthly time frame. So we can expect the price to retrace down after reaching it. The retrace is likely to 1.08846 level which is now a demand zone where buyers are waiting. It is also a level where the sellers will get out of their trades. The price has also returned inside the uptrend channel which gives even more strength to the buying power on the market.
We have one more week this month which will be very important for buyers to stay where they are and not to return on lower price levels. This indicates that the price will likely rise in the future, but the 1.09860 resistance is very important to be broken to the upside.
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