The EUR/USD currency pair has been on an impressive upward journey, climbing from 1.0777 to as high as 1.1132. It recently broke through the important resistance level at 1.1100, signaling strong bullish momentum.
What to Expect Next?
The pair may continue its upward trend after a brief consolidation phase, with the next target potentially around 1.1200.
Key Levels to Watch
- Initial Support: 1.1095 - If the pair dips below this level, it could indicate a consolidation phase within the ongoing uptrend.
- Channel Support: The bottom of the rising price channel on the 4-hour chart serves as another crucial support level. A break below this channel could suggest that the current uptrend has run its course.
For traders, keeping an eye on these levels will be key in navigating the next moves in the EUR/USD market.
by ForexInflux
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