EUR/USD: Euro has reached it's previous low and now looks for support at 1.12976

EUR/USD: Euro has reached it's previous low and now looks for support at 1.12976

What's going on with the EUR vs USD?

EUR/USD: The Euro has bounced at 1.12976 support in the 60 minutes price chart and could reverse to the upside if it holds above 1.12976. The pair could continue to its next target at 1.13276 if it holds above 1.13130

My thoughts on what may happen

EUR/USD: The Euro has recently suffered a massive drop in its price against the US dollar and has now reached its previous low at 1.12976. The pair is now attempting to reverse to the upside; however, The pair needs to remain above 1.13130  to progress to the upside. The Euro could fall to 1.12748 if it fails to hold at 1.12976

Support: 1.13130, 1.12976, and 1.12748
Resistance:1.13276, 1.13520, and 1.13768

We explain market movements and its potential next move to help and guide you to possibly make the right decision on when to enter, apply stop losses to protect your capital, take profit and exit your position.


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.

EURUSD

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

EURUSD

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.