Euro Rebounds, But Can It Break The Technical Resistance?

eurusd

The euro is up over 0.75% on the day on Monday. The gains came steadily during the course of the day.

The currency pair is attempting to rise to a three day high, but a lot will depend on how prices close towards the end.

For the moment, the EURUSD will be struggling near the resistance level of 1.1256. A breakout above this level could potentially send the common currency higher.

However, if the EURUSD fails near this technical resistance, we expect the recent declines to resume.

Of course, a lot will depend on whether price can break past the previous lows at 1.1170 in order for a move to the lower support area at 1.1132.

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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