EURUSD Challenges 1.1700 Technical Resistance

eurusd

The euro currency is holding on to the gains made for the second consecutive day.

This comes as prices reversed direction just a few pips shy of the 1.1600 level of support.

At the time of writing, the EURUSD is testing the previously held support level near the 1.1700 – 1.1715 region. If resistance forms here, we could expect prices to head back lower.

Adding to this view is the hidden divergence on the 4-hour chart as well.

A close below the expected resistance level could potentially send the EURUSD down to the 1.1600 handle. This will probably open the way for further declines.

Below the 1.1600 level of support, the 1.1500 level comes in as support next.

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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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