The EURUSD currency pair has displayed continued strength as it extended its upward move from 1.0635 to reach a high of 1.0970, surpassing the significant resistance level at 1.0900. This breakout suggests that the pair is likely to see further upside potential in the coming days.
Traders can anticipate a continuation of the bullish trend, with the next target in focus at 1.1091, which represents the previous high. If the momentum persists, the pair may potentially push even higher, targeting additional resistance levels beyond 1.1091.
In the near term, a support level can be identified at 1.0880. This level acts as a reference point for traders and could provide a temporary floor for price consolidation or a minor pullback. A breakdown below this support level may lead to a retracement towards the rising trend line on the 4-hour chart.
It is important to monitor the price action closely, particularly the behavior around the rising trend line. A break below this trend line support could indicate a potential completion of the current uptrend and a shift in market sentiment. Traders should be prepared to reassess their positions or consider potential reversal patterns in such a scenario.
In summary, the EURUSD currency pair has extended its upward move, surpassing the resistance level at 1.0900. Traders can anticipate further upside momentum with the next target at 1.1091. The near term support level is observed at 1.0880, and a breakdown below this level may lead to a retracement towards the rising trend line. Traders should closely monitor price action for any potential signs of a trend reversal.
