The EURUSD currency pair has made a notable breakthrough, breaking above a falling trend line on the 4-hour chart. This development suggests that the downside move from 1.1011 has potentially concluded at 1.0833. Traders will now shift their focus towards the next key resistance level at 1.0976, which will be closely monitored for further bullish momentum.
A successful break above the 1.0976 resistance level could ignite additional upside momentum in the pair. This could potentially propel the price towards the next resistance levels at 1.1011 and 1.1095. Traders looking to capitalize on this upward move will be keeping a close eye on price action near the resistance level, watching for signs of strength and confirmation of a breakout.
On the downside, immediate support is seen at 1.0920. If the price fails to sustain its upward momentum and breaks below this level, it could lead to a retracement back towards the previous low at 1.0833. Traders will closely monitor price movements around the support level, as a breakdown could indicate a shift in market sentiment and a potential resumption of the previous downtrend.
In summary, the EURUSD pair has broken above a falling trend line, indicating a potential completion of the downside move from 1.1011. The pair now faces a critical resistance level at 1.0976, which will be closely watched for further bullish momentum. Immediate support is seen at 1.0920, and a breakdown below this level could lead to a retracement towards 1.0833. Traders should remain vigilant, stay informed about market developments, and apply sound risk management techniques to navigate the currency market effectively.
