Euro Recovers Above 1.1300 Against US Dollar

February 18, OctaFX – The euro currency has recovered above the 1.1300 level against the US dollar on hopes that the European Central Bank may provide new loans to troubled European banking institutions.

EURUSD Technical Analysis

EURUSD bulls need to break above the 1.1337 resistance level to keep the recent bullish move intact. The MACD indicator on the four-hour time frame is signalling that further upside in the pair remains possible.

  • The EURUSD pair is only bearish while trading below the 1.1300 level, key technical support is found at the 1.1260 and 1.1238 levels.
  • If the EURUSD pair moves above the 1.1300 level, buyers may test towards the 1.1337 and 1.1370 resistance levels.


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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