EUR/USD – Just one more hurdle to go

FX:EURUSD   Euro / U.S. Dollar
Euro’s retreat from the session high of 1.1322 to 1.1275 following a convincing intraday break above resistance zone of 1.1236 (38.2% of 1.0463-1.1714) – 1.1242 (falling trend line hurdle) indicates there is still one more hurdle – around 1.1330 (rising trend line drawn from 1.0517-1.0822 and extended), which needs to be breached.

A day end close today above 1.1242 would mark a bullish break from falling channel and increase odds of a subsequent break above 1.1330.

On the other hand, a move back below 1.1236 by day end close would suggest fresh drop to 1.10 handle.


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