EUR/USD is testing critical support at 1.1570 as the pair looks to maintain its recent floor.
The Euro hit a correction towards the target and support of 1.1570, as the market still holds above this support since last week.
As we see from the chart and as long as the market holds above this support, a rebound towards 1.1710 is likely.
Below 1.1570 a further drop toward 1.1460-80 is expected.
SUPPORT | RESISTANCE | |
LEVEL1 | 1.1570 | 1.1710 |
LEVEL2 | 1.1460-80 | 1.1785 |
LEVEL3 | 1.1410 | 1.1850 |
Orbex LIMITED is a fully licensed and Regulated Cyprus Investment Firm (CIF) governed and supervised by the Cyprus Securities and Exchange Commission (CySEC) (License Number 124/10). Orbex LIMITED is licensed to provide Investment Services (Reception & Transmission, Execution and Dealing on own account) and Ancillary Services.
Risk Warning: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, the level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Comments
Log in or sign up to join the conversation.