The EUR/USD pair has been trending upwards since the 24th of March 2016, with the bulls leading the price from as low as 1.1144 to as high as 1.1365.
On Wednesday, the major attempted to test the 1.1365 level, but found enough resistance to retrace down to 1.1315 and end the day at 1.1343. Today, the pair moved lower, currently trading at 1.1320, risking its three-day winning streak. In the event that the sellers exert stronger pressures and the price breaks below 1.1280, the pair could reach 1.1254 and 1.1228 respectively.
Conversely, in the scenario where the price keeps going higher and manages to break above yesterday’s barrier at 1.1343, the pair could escalate up to 1.1376 and 1.1400 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.