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Euro Slips From Support, Price Action Remains Firm

Posted On 16 Apr 2020
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eurusd

EURUSD is down over 0.60% on the day.

This came as price strongly broke past the price level of 1.1055.

However, the euro quickly reversed the declines. Price action is back near the 1.1055 level for the moment.

A breakout above this level is needed to confirm the upside momentum.

Alternatively, if there is more selling pressure, then we expect prices to move lower.

The previous support area near 1.0787 will be the downside target.

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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