Reflecting on the previous session, EUR/USD continues to show strength, with market conditions favoring the Euro over the dollar. The pair has successfully maintained support above 1.0800 and is now testing the resistance around 1.0860.
Technical analysis: The pair is currently within a bullish channel that stretches from the major support at 1.072 to the resistance that the price is currently trying to break at 1.086, indicating an upward trend. The recent push towards the resistance level near 1.08600 suggests a potential for further gains if the price succeeds to break and close above it. However, if the pair fails to sustain above this level, it might retrace back to find support. The price continues to create higher lows and highs, as it holds above 1.0816, it seems determined to break resistance’s in its way and create new highs.
Our position: Maintaining a bullish outlook, we are monitoring for a decisive breakout above the resistance level. We are shifting to a more bullish outlook on the euro pair but we have to see some confirmations to enter long positions. This week’s reports will play a key part in the sentiment snd direction of the market.
Technical analysis: The pair is currently within a bullish channel that stretches from the major support at 1.072 to the resistance that the price is currently trying to break at 1.086, indicating an upward trend. The recent push towards the resistance level near 1.08600 suggests a potential for further gains if the price succeeds to break and close above it. However, if the pair fails to sustain above this level, it might retrace back to find support. The price continues to create higher lows and highs, as it holds above 1.0816, it seems determined to break resistance’s in its way and create new highs.
Our position: Maintaining a bullish outlook, we are monitoring for a decisive breakout above the resistance level. We are shifting to a more bullish outlook on the euro pair but we have to see some confirmations to enter long positions. This week’s reports will play a key part in the sentiment snd direction of the market.