The EUR/USD pair surged more than a hundred pips on Wednesday and, so far, is up by 115 pips (1.1025 - 1.1140) from yesterday's level. Such a rally could warrant some consolidation or a correction; however, so far, no signs of the rally stalling are seen and risks remain tilted to the upside.
The momentum remains positive, and more gains seem likely. The next resistance levels are seen at 1.1140 and 1.1200. The EUR/USD pair eyes 1.1024 weekly swing high. As well as, central bank speakers to follow US inflation. The euro is looking to finish on its fifth consecutive positive day against the US dollar this Wednesday after pushing above the 1.1024 psychological handle.
Despite yesterday's weaker ZEW economic sentiment index data, higher German inflation supplemented the bullish bias. The EUR/USD pair is the forex ticker that tells traders how many US Dollars are needed to buy a Euro. The Euro-Dollar pair is popular with traders because its constituents represent the two largest and most influential economies in the world.
The EUR/USD pair has broken support at the level of 1.1024 which acts as a resistance now. According to the previous events, the EUR/USD pair is still moving between the levels of 1.1024 and 1.1200. Therefore, we expect a range of 124 pips in coming two days.
The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. Hence, the price spot of 1.1141 remains a significant resistance zone. Follow real-time the EUR/USD pair rates and improve your technical analysis with the interactive chart. Discover the factors that can influence the EUR/USD pair forecast and stay up to date with the latest EUR/USD pair news and analysis articles.
Also, it should be noted that a daily pivot point has already set at the level of 1.1024. Equally important, the EUR/USD pair is still moving around the key level at 1.1024, which represents a daily pivot in the H1 time frame at the moment.
the EUR/USD pair continued to move upwards from the level of 1.1024. The pair rose from the level of 1.1024 (this level of 1.1024 coincides with the double bottom) to the top around 1.1141. In consequence, the EUR/USD pair broke resistance, which turned strong support at the level of 1.1024.
The level of 1.1024 is expected to act as major support today. From this point, we expect the EUR/USD pair to continue moving in the bullish trend from the support level of 1.1024 towards the target level of 1.1141.
If the pair succeeds in passing through the level of 1.1141, the market will indicate the bullish opportunity above the level of 1.1141 in order to reach the second target at 1.1200. Notwithstanding, if a breakout happens at the support level of 1.1024, then this scenario may be invalidated.
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