FOREX Chart Of The Day: EURUSD To Break Higher?

The #EURUSD is approaching a key level of resistance, if the price can trade above this level we could see EURUSD break higher. 

Watch the video to learn more…

EURUSD Analysis

The risk off sentiment has not lasted long in the market this week as news headlines of Putin reducing his troops along the Ukrainian border surfaced. This saw a sharp turn in risk sentiment and the USD began to sink lower offering short opportunities.

When we look at the daily chart of the EURUSD we can see that the price gapped down in early trading but quickly closed it and rallied towards the highs of yesterday. This move could signal a bullish day to come and if the price breaks through a key resistance level we could look for long opportunities

The level of interest is around where price is trading currently at the 1.1362 area. This is an area of low volume which if passed through could be a good support if price is going to trade within this volume area. The point of control for last week is resting at 1.1432 which would be likely targets for buyers above the low volume resistance. If the price reaches this level we could then look for short term short opportunities. 

Have you seen our AUDJPY analysis yet? You can find it here. 

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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