The EUR/USD pair has recently broken above the resistance level at 1.0945 and is now approaching the next key resistance at 1.1008. This upward movement signals a potential continuation of the bullish trend that began from the low of 1.0665.
Key Levels to Watch
- Resistance Levels:
- Current Resistance: 1.1008
- Next Target: If the price breaks above 1.1008, the next target will be around 1.1050, followed by the 1.1100 area.
- Support Levels:
- Initial Support: 1.0965
- If the price falls below this level, it could drop to the next support at 1.0930.
- A further decline below 1.0930 could aim for the 1.0900 area.
Market Outlook
The breakout above 1.0945 suggests that the bullish momentum is gaining strength. If the EUR/USD can maintain its position above this level, it could lead to further gains towards 1.1008 and beyond. However, if the price fails to hold above the initial support at 1.0965, we may see a pullback towards the lower support levels.
Conclusion
The EUR/USD pair is at a critical point, with resistance at 1.1008 in sight. Traders should keep a close eye on the support levels at 1.0965 and 1.0930 to gauge potential price movements. A sustained move above 1.0945 could indicate a strong bullish trend, while a drop below 1.0965 might signal a reversal.
As always, ensure proper risk management when trading in the forex market, and stay updated on economic indicators that could impact the EUR/USD pair.