Has EURUSD Found Resistance At 1.1750?

The common currency is trading a tad weaker but not before prices attempted to breakout above the 1.1750 level.

Price action closed with a strong bearish engulfing near this level suggesting that resistance is likely forming here. But a breakdown of the steeper trend line will confirm if the downside will be validated.

For the moment, the bullish momentum is still in play meaning that price action can still rebound to the upside.

A daily close above 1.1750 will confirm the potential for a move higher.

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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