EUR/USD: Euro bounced back but faces stiff resistance at 1.13810

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.

 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.