The EURUSD currency pair has recently broken above the key resistance level at 1.0920, indicating a potential shift in the market dynamics. This breakout suggests that the downside movement from 1.1011 has likely completed at the previous low of 1.0844. As a result, traders are now anticipating a further rally in the pair.
The breakout above 1.0920 opens up the possibility of an extended upside move in the near term. The next target for the bulls would be the previous high at 1.1011, followed by the resistance level at 1.1095. These levels will likely act as key psychological and technical barriers for the pair.
However, it is important to monitor the immediate support level at 1.0844. As long as the price remains above this level, the bullish bias is likely to prevail. A break below 1.0844 could potentially trigger another downward correction, leading the pair towards the support level at 1.0770.
In conclusion, the EURUSD pair has broken above the resistance level at 1.0920, signaling a potential end to the recent downside movement. Further upside momentum is expected, with targets set at 1.1011 and 1.1095. However, the immediate support at 1.0844 should be monitored, as a break below that level could lead to renewed selling pressure. Traders should stay informed and adapt their strategies accordingly to navigate the evolving dynamics of the EURUSD market.
