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EURUSD Firmly Testing Support At 1.0885

Posted On 26 May 2020
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The EURUSD currency pair briefly managed to rise off the support area near 1.0885 – 1.0879 level.

However, this bounce saw prices falling back once again, giving up modest gains.

For the moment, the consolidation appears to continue. Therefore, the support area near 1.0885 – 1.0879 will be critical in order for the currency pair to post any gains.

Given the bias, there is a possibility that the EURUSD will break down below this support area.

This will potentially see prices pulling back even further, erasing the gains made over the last few weeks.

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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