Euro Struggles To Breakout Above Resistance

The euro made attempts to rise above the resistance level of 1.1261 level on Monday. However, price action was trading weaker as the euro failed to breakout above the technical resistance.

For the moment, the euro is trending lower in the medium term.

We expect the declines to see a test of the lower support area near 1.1132.

That said, there is a possibility that the euro might find minor support near the lows of 1.1171.

In the medium term, EURUSD will most likely move into a sideways range.

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“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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