Euro regained bullish momentum today as the EURUSD pair rose to an intraday high above 1.1600 in the Asian session. This was higher than yesterday’s high of 1.1504. While the new upward trend could continue, is there a possibility that the downward trend could resume?
3 October, OctaFX – The euro currency is trying to regain upside momentum against the US dollar after sellers failed to break the psychological 1.1500 support level on Tuesday.
EURUSD Intraday Bullish Above 1.1600
The EURUSD pair is also trading higher on positive news over the Italian budget and has an intraday bullish bias while trading above the 1.1600 level. Buyers will look to the target the 1.1650 level, while sellers attempt to move price below the 1.1553 level.
- The EURUSD pair is only bullish while trading above the 1.1600 level, key resistance is now found at the 1.1625 and 1.1650 levels.
- If the EURUSD pair holds below the 1.1600 level, key technical support is located at the 1.1553 and 1.1500 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.