EUR/USD making a corrective rally – Resistance at 1.07 and 1.08

Gregor Horvat Wavetraders

EURUSD reversed sharply to the downside in the last few weeks as USD turns up across the board after new global inflation worries. So far we can see a nice and strong decline on the EURUSD, which for now is still in the making and can be even deeper if current bounce from 1.0540 will be corrective. Resistance is at 1.07 and then at 1.08 (US CPI high). Support for bullish resumption remains at 1.0480/1.04.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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