The EURUSD currency pair has experienced an extended upside move from its recent low of 1.0833, reaching as high as 1.1036. This upward momentum has generated optimism among traders, who are now eyeing further gains in the pair.
As long as the key support level at 1.0976 holds, the bullish outlook remains intact. This level serves as a critical line of defense for the uptrend, and as long as it remains unbroken, traders can anticipate the continuation of the upward move. The next target for the pair is set at 1.1095, which represents a significant resistance level that could potentially act as a barrier to further upside momentum.
However, in the event of a breakdown below the 1.0976 support level, the pair may experience a retracement towards the support at 1.0943. If selling pressure intensifies, the price could aim for a retest of the previous low at 1.0833. Traders should closely monitor price action around these support levels to gauge the strength of the bullish momentum.
Overall, the EURUSD currency pair has extended its upward move, reaching as high as 1.1036. As long as the 1.0976 support level holds, traders can anticipate further gains with the next target at 1.1095. A breakdown below 1.0976 could lead to a retracement towards 1.0943 and potentially 1.0833. Traders should remain vigilant, staying updated on market developments and implementing appropriate risk management techniques to navigate the currency markets effectively.
