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EUR/USD – Rejection at major resistance could prove fatal

FX:EURUSD   Euro / U.S. Dollar
Resistance – 1.1427, 1.1458, 1.1492

Support – 1.1357, 1.1296, 1.1236

  • On the right hand side, we have weekly chart on which we see the pair is approaching strong resistance zone of 1.1427-1.1534.
  • Spot clocked a high of 1.1427 today, before trimming gains to trade around 1.1385 levels.
  • Going ahead, a failure to take out resistance zone of 1.14274-1.1534 followed by a break below 1.1294 (today’s low) would open doors for a breach of rising trend line (blue) on the weekly chart.
  • Area between 1.1427-1.1534 is a no trading zone. Bullish break is seen only if prices see a day end closing above 1.4534 levels, in which case August 2015 high of 1.1714 could be put to test.
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