EUR/USD Shows Positive Momentum: What You Need to Know

 The EUR/USD currency pair has recently made an impressive move, breaking through the resistance level of 1.1047 and climbing as high as 1.1087. This upward trend comes after a rise from its earlier low of 1.0777.

Currently, the pair is moving within a rising price channel on the 4-hour chart. As long as the support of this channel remains intact, we can expect to see the upward movement continue.

Right now, the major challenge is at the resistance level of 1.1100. If the EUR/USD breaks above this point, it could potentially open the doors for further gains, possibly reaching the 1.1200 region.

On the downside, the initial support level to watch is at 1.1050. If the price drops below this threshold, it might lead us back down to the bottom of the price channel. A significant drop below the channel support could signal the end of the recent uptrend.

In summary, the EUR/USD is showing bullish signs, but key resistance and support levels will be crucial in determining its next moves. Keep an eye on these levels as we watch how this pair unfolds in the coming days!

by ForexInflux