The EUR/USD pair is currently encountering a significant resistance level at 1.0945. Understanding how this level plays out could be crucial for traders looking to capitalize on potential price movements.
Current Market Outlook
- Resistance Level: The immediate resistance is at 1.0945.
- A breakout above this level would indicate that the uptrend from 1.0777 has resumed.
- If the pair breaks through 1.0945, the next target would be the 1.1008 resistance level.
- Further gains could push the price towards 1.1050 and then 1.1100.
Support Levels
- Initial Support: The first support level to watch is at 1.0900.
- If the price breaks below 1.0900, it may lead to a decline towards the 1.0870 support level.
- A further breakdown below 1.0870 could target the 1.0820 area.
Summary
The EUR/USD pair is at a critical juncture, facing resistance at 1.0945. A breakout above this level could signal a continuation of the uptrend, with potential targets at 1.1008, 1.1050, and 1.1100. Conversely, if the price falls below 1.0900, it could lead to further declines towards 1.0870 and 1.0820.
Traders should closely monitor these key levels to make informed decisions in the current market environment. As always, ensure proper risk management when trading.