EURUSD is ranging toward the Support; bullish momentum seems to be weakening

Rupak Roy PreferForex

EURUSD is moving in a range from few weeks. The upper boundary of the range is 1.1295 which is works as resistance now and the lower boundary of the range is 1.1110 which is works as support. As long as the price stays within the range the price action could be treated as consolidation. According to the weekly view the price is ranging towards a resistance area around 1.1300 and holds below it, that indicates the weakness of the recent bullish bias. The weakness will be significant if the price breaks the support at 1.1110 and this time a short term bearish movement could be expected targeting 1.1000 followed by 1.0905. But the scenario will be invalid of the price break above 1.1295.

Author

Rupak Roy

PreferForex

Founder of PreferForex, a reference website for FX traders For Education and Market Analysis. Roy holds Electronic and Electrical Engineering Degree. He has accumulated 8 years of forex market trading and deep market analysis knowledge.

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