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Euro Finds Support At 1.1261

Posted On 08 Jul 2020
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eurusd

The euro currency is trading mixed with prices confined within Monday’s range. In the short term charts, we see the euro holding on to the support area near 1.1261.

We now expect the consolidation between the 1.1261 support and 1.1347 resistance levels.

A breakout from this level will confirm the near term upside in prices. The bias is to the upside as we see the Stochastics likely to move higher.

The upside breakout from the ascending triangle is also giving validation to this view.

However, a close below 1.1261 will see the euro posting 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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