EURUSD stays confined however above key help

The EURUSD surged to its highest degree since February 2022 on Friday, reaching a peak of 1.1473. That prime got here up simply wanting the important thing resistance zone between 1.1482 and 1.1516—a swing space that capped positive factors in early 2022. After failing to interrupt that ceiling, the pair rotated decrease, discovering help at a important confluence of technical ranges.

Friday’s pullback bottomed at 1.12738, a zone full of significance. That degree sits simply above the 38.2% retracement of final week’s sturdy rally at 1.12495, and extra importantly, aligns with each the July 2023 excessive at 1.1275 and the 61.eight% retracement of your entire 2020–2022 decline at 1.1270. This 1.1270–1.1275 help space is pivotal. Holding above it retains the short-term bullish bias intact. Break beneath, and sellers might begin to construct confidence, particularly if the value slips additional beneath the 38.2% retracement on the hourly chart.

Consumers and sellers are clearly locked in a tug-of-war close to these elevated ranges. Nevertheless, the broader technical bias nonetheless leans in favor of the bulls. Final week’s breakout pushed the pair above the July 2023 excessive, and that degree continues to behave as a ground. For sellers to really seize management, they need to break—and maintain—beneath the 1.1270–1.1275 zone. Till then, the technical benefit stays with the consumers.

This text was written by Emma Wang at www.ubaidahsan.com.



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