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EURUSD Retreats From 1.1130 Level

Posted On 01 Jun 2020
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The euro rose to 1.1144, marking a fresh two-month high on Friday before retreating.

The pullback coincides with the resistance level near the 1.1130 level. At the moment, price action is supported from the median line.

But a breakdown below this will signal a correction. We expect the downside in EURUSD to send the currency pair back to the 1.1000 level.

Establishing support back at this level will potentially bolster the case for further gains.

Alternatively, a breakout above 1.1130 could trigger stronger gains.

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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