EUR/USD: bulls hanging on to the support around $1.0990 [Video]
|EUR/USD
The euro bulls are hanging on to the support around $1.0990. This is a key moment for the near to medium term outlook. Having tested the support around $1.0990/$1.1000 throughout last week, a brief intraday breach on Friday would not be sustained and was almost instantly bought into. The positive candle that resulted now means two positive candles in a row and a slight more positive edge to momentum peeking through. The hourly chart reflects this and how the market reacts again today to the $1.0990/$1.1000 area will be interesting. The bear failure on Friday has the capacity to shift the emphasis on this chart now. We continue to see initial resistance at $1.1030 and if the euro can pull above here then a swing back higher into the $1.1075/$1.1100 mid-range pivot band could be seen. A close back under $1.0990 would open $1.0875/$1.0925.
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