Euro Bullish Rally Continues


OctaFX – The euro currency has moved well above 1.1553 level against the greenback after the US dollar index was sold sharply lower on Wednesday.

EURUSD Intraday Bullish

The EURUSD pair is likely to advance higher while trading above the 1.1553 level, a bullish inverted head and shoulders pattern is now clearly visible with a large upside projection. Buyers will look for further gains towards the 1.1650 resistance level, while sellers need to force price below the 1.1500 level.

  • The EURUSD pair is intraday bullish while trading above the 1.1490 level, key technical resistance is now found at the 1.1600 and 1.1650 levels.
  • If the EURUSD pair declines below the 1.1553 level, sellers may target the 1.1530 and 1.1500 levels.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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