After a period of sideways consolidation, the EUR/USD pair has made an exciting move by breaking above the 1.1188 resistance level. This development indicates that the upward trend, which initially began from the 1.1001 mark, is back on track.
So, what can we expect in the coming days? Many analysts predict that further gains are likely, with the next target set around the 1.1250 area. Should the pair manage to breach this level, the next significant milestone could be around 1.1300.
For those monitoring this pair closely, it's essential to keep an eye on initial support, which is currently positioned at 1.1165. If the price dips below this level, it could signal a shift in momentum, potentially bringing it down to the next support level at around 1.1140.
In short, the EUR/USD pair is showing bullish signs, but traders should stay vigilant and be ready to adjust their strategies based on support levels in the market. Happy trading!
by ForexCycle
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