In the previous day EURUSD has risen above the range & zone area that was between 1.12112 and 1.12543. Since then the pair advanced slightly higher forming a high of 1.12761.
Currently the pair is trading in red from the high level showing weakness due to a strong resistance level that can’t be breached yet.
We expect the pair to continue showing weakness if the pair achieves a break below 1.12543. On the contrary we would be looking to go long if the pair becomes bullish and rises above the resistance level of the day 1.12761 aiming towards 1.12858 then 1.13166.
RESISTANCE LEVEL: 1.12761
SUPPORT LEVEL: 1.12543
*Analysis based on the Hourly ChartÂ
To see the the technical chart please click here: Technical Chart
