The EUR/USD currency pair has recently broken above the resistance level of 1.1173, continuing its upward momentum from a low of 1.0881 and peaking at 1.1201.
What’s Happening Now?
As long as the price remains within the rising price channel on the 4-hour chart, we can expect this upward trend to persist. The next target could be around the 1.1300 area, and if momentum continues, we might even see prices reach the 1.1450 area.
Key Support Levels
- Initial Support: Currently, initial support is set at 1.1160.
- Potential Pullback: If the price breaks below this level, it could drop back to the bottom of the rising channel.
- Critical Level: Any decline below this channel support will target the key support level of 1.1097.
Conclusion
It’s important to watch these levels closely. A break below 1.1097 could signal the end of the uptrend that began at 1.0881. Keep an eye on these developments for informed trading decisions!
by ForexInflux
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