March 11, OctaFX – Euro price is attempting to recover higher against the US dollar in early Monday trade, with the pair testing above key neckline resistance.
EURUSD analysis: Pair bearish under 1.1230
If short-term buyers take back control of price-action above the 1.1230 level, the EURUSD pair could correct back towards the 1.1290 level. The MACD indicator on the four-hour time frame is also attempting to correct from oversold territory.
The EURUSD pair is intraday bearish while trading below the 1.1230 level, key technical support is found at the 1.1200 and 1.1170 levels.
If the EURUSD pair moves above the 1.1230 level, buyers may test towards the 1.1260 and 1.1290 levels.
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