Euro Fails To Breakout Above 1.1000

The euro is paring gains from last week as price failed to breakout above the 1.1000 level of resistance.

Gapping lower on the open, prices extended a steep decline, down over 0.60% on an intraday basis.

This decline could potentially see the euro slipping to the lower support level of 1.0879.

Establishing support here could see prices trading within a range.

Expect further declines if the support level of 1.0879 gives way.

In the near term, a rebound could see a possible lower high forming which will validate the declines.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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