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Euro Rebounds After Hitting Support

Posted On 24 Apr 2020
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eurusd

The EURUSD currency pair extended declines to the lower end of the range at 1.0787.

But after slipping to this level, the common currency prompted a quick rebound.

As a result, we could expect prices to recover off the lower support level.

The sideways range will, however, remain in place. Thus, gains will be capped near the upper resistance level of 1.0905 level.

Only a breakout above this level could confirm further gains.

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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