EUR/USD testing strong resistance for the third time

1.0815 level has been tested 3 time already
this level is the 50% retracement of the 1.1295 high - 1.0335 low move

Orlando Gutierrez Learn 2 Trade

The EUR/USD has been in a very nice up move from the double bottom formed at the 1.0500 level at the beginning of the month. It has moved 330 pips from the lows to the highs to test the 1.0815 level again. This is a very important level because it has been tested three times already and not only that, it´s the 50% retracement of the last big move down (-960 pips).

Moreover, the US Dollar has been trading down from the 101.6 level on mMarch 14th to the 99.5 level where it´s trading now where it has found a base. US Unemplyment Claims today with a positive forecast might give the US Dollar the push it needs to retrace and test the previous lows.

If this scenario plays out we might get a nice retrace on the EUR/USD to test the previous highs and the 50% at around 1.0670

It´s a struggle at the moment and bears are clearly defending the 1.0815 level.

Author

Orlando Gutierrez

Learn 2 Trade

Orlando has been involved in the financial markets for about 10 years. His focus is Global Macro and he is a strong believer that the best way to trade the currency markets is focusing on the big picture and holding on to big macro trends.

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