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EURUSD Trades Flat As Trend Line Is Broken

Posted On 08 May 2020
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The euro currency is consolidating after price action closed below the trend line in the previous session.

However, with prices trading rather flat, there is scope for a rebound back above the trend line.

In the near term, the price level of 1.0818 will be acting as resistance and a breakout above this level could see buyers pushing the euro higher.

To the downside, if prices continue lower, then we expect a move down to the 1.0662 level where support will form.

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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