The EURUSD pair rose sharply from yesterday’s low of 1.1406 to the current high of 1.1500. In the past week alone, the pair has risen from a low of 1.1288.
January 31, OctaFX – The euro is testing towards the 1.1500 level against the US dollar after the FOMC kept interest rates on hold and struck a more dovish tone than market participants had been expecting.
The EURUSD pair is strongly bullish while trading above the 1.1460 level, a sustained move above the 1.1500 level should provoke strong technical buying. Traders now await the release of key GDP and Unemployment data from the eurozone economy this morning.
EURUSD Technical Analysis
- The EURUSD pair is bullish while trading above the 1.1460 level, key technical resistance remains at the 1.1500 and 1.1570 levels.
- If the EURUSD pair trades below the 1.1460 level, sellers may test towards the 1.1430 and 1.1410 support levels.
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