EUR/USD broke triangle resistance but faces stiff rejection at the 1.1800-35 zone. A push above this resistance targets 1.1950, while a break below 1.1600 support shifts focus to the 1.1470 level.
The Euro managed to break above the resistance level of the triangle formation to meet the first target at 1.8000.
Resistance at 1.1800-35 caused a drop while supports at 1.1600 could create a trading zone.
Above 1.1835 more advance is likely toward late the second target of 1.1920-50.
Below 1.1600 more of a drop could hit the market as support at 1.1470-90 could activate an advance again.
SUPPORT | RESISTANCE | |
LEVEL1 | 1.1680 | 1.180 |
LEVEL2 | 1.1600 | 1.1950 |
LEVEL3 | 1.1470-90 | 1.2080 |
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.