EUR/USD Could Move Towards The Resistance
| Jan 07, 2022 06:03AM ET
Looking at EUR/USD chart, we can see that after the failed attempt to move past the 1.138 on Jan. 1, there was a subsequent retraction to the 1.134 level where it acted as temporary support.
However, the negative pressure buildup couldn’t hold the 1.134 support leading to a fall to the 1.13 price level.
Support was formed and tested multiple times at 1.1275, and the 1.134 price range is now acting as a resistance level.
Today we could expect a move towards the 1.132 range or possibly the 1.134 resistance level.
If it does not hold above the 1.13 range, then a move towards the support of 1.275 could be expected.
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