Denis Joeli Fatiaki
Independent Analyst
EUR/USD: Euro bounced back but faces stiff resistance at 1.13810
What is going on now with EUR/USD?
EUR/USD: The Euro held on above 1.13185 support in the 60 minutes price chart and broke through 1.13270resistance as highlighted in yesterdays update. The pair took out three estimated long targets at 1.13430, 1.13610, and 1.13810 before pulling back to 1.13160 in this morning's trades.
Our forecast
EUR/USD: The Euro has managed to maintain its position above 1.13610 support and its 500 EMA in the 60 minutes time frame and is now pushing towards 1.13810. The pair needs to remain above 1.13610 support continue to the upside. The pair could pull back to 1.13430 and 1.13270 if it fails to hold at 1.13610 support.
Support/short - 1.13610, 1.13430, 1.13270, and 1.13185
Resistance/Long - 1.13180, 1.13960, 1.14155, and 1.14367
Chart 1: The short-term view of the EUR/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the EUR/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
We explain the market movements and its potential next move to help and guide you to possibly make the right decision on when to enter, apply to stop losses to protect your capital, take profit and exit your position.
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