The EURUSD pair has continued its upward trajectory and is now testing a critical resistance level at 1.0870. This level has become the focal point for traders, as its breach could signal further bullish momentum for the pair.
If the EURUSD manages to break above 1.0870, it could trigger a fresh wave of buying pressure. In this scenario, traders are already eyeing the next significant resistance around 1.0930. A move towards this level would further cement the bullish sentiment that has been building in recent sessions.
However, the pair isn’t without its potential pitfalls. The initial support to watch is now at 1.0835. This level is crucial for maintaining the current bullish momentum. A breakdown below 1.0835 could lead to a pullback, with the next support level coming into focus at 1.0805.
Should the bears manage to push the pair below 1.0805, it might open the door for a more significant retracement. In this case, traders would be watching for a potential revisit of the previous low at 1.0761, a level that recently proved its significance as a strong support.
As the EURUSD grapples with the 1.0870 resistance, market participants are on high alert for any signs of a breakout or rejection. The pair’s behavior around this level in the coming sessions will be critical in determining whether the recent bullish momentum can be sustained or if we’ll see a pullback. Traders should stay vigilant and be prepared for potential volatility as this key level is tested.