EURUSD Fails To Breakout Above Resistance At 1.1132


The common currency made attempts to rise past the 1.1132 price level on Monday.

However, the gains were quickly erased as the currency was pushed lower.

EURUSD is likely to confirm the resistance at 1.1132. This opens the downside back to the 1.1000 level.

But, establishing support here could potentially pave the way for further gains in the medium-term outlook.

For the moment, the outlook is to the downside but watch for any minor reversals that could quickly form into new support levels.

This will keep the medium-term upside bias in view. In the descent to the 1.1000 level, a lower high will validate the correction.

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.

Leave a Reply