The EURUSD currency pair has recently broken above a key resistance level at 1.0778, indicating a potential completion of the previous downside move from 1.1095, which ended at 1.0635. This breakout suggests a shift in market sentiment and a potential reversal of the recent downtrend.
The break above 1.0778 opens the door for further upside movement in the coming days. Traders should watch for a potential rise towards the next resistance level at 1.0831. If the price action manages to break above this level, it would confirm the resumption of bullish momentum and could lead to further gains.
On the downside, the immediate support level is located at 1.0710. As long as the price remains above this support, the bullish outlook remains intact. However, a break below 1.0710 could trigger another downward move and potentially lead to a retest of the 1.0580 support level.
In summary, the EURUSD pair has broken above the 1.0778 resistance level, indicating a potential completion of the recent downside move. Further upside movement is likely, with a possible test of the 1.0831 resistance level. The immediate support is at 1.0710, and a break below this level could trigger another downward move. Traders should employ effective risk management strategies and stay informed about market developments to make well-informed trading decisions in the EURUSD market.
