Looking at the 4-hour chart above, the EURUSD has seen sellers lean against the 1.0936 – 1.0954 resistance zone yesterday, keeping the pair's continued move to the upside in check. That area is was defined by swing levelsgoing back to September to November of last year and more recently last week. A break above this level would signal a stronger bullish shift, opening the door for further upside momentum.
The pair is currently trading near 1.0884, between resistance and key support. A decisive break in either direction will determine the next move:
Above 1.0954: Bullish momentum increases, with potential for further upside.Below 1.0817: Bearish momentum builds, shifting focus back toward lower support levels.Traders should watch these levels closely as the market looks for its next directional move.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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