EURUSD (1.1789): The EURUSD currency pair was posting gains on Wednesday as price action breached the resistance level of 1.1730. The currency pair is on track to test the next main resistance level at 1.1846 – 1.1824 level. However, we expect to see a pullback in price action as the breached resistance level of 1.1730 is likely to be established as support. A rebound off the 1.1730 level could signal the start of a recovery in the EURUSD currency pair. However, a breakout above 1.1846 is needed in order to confirm the upside toward 1.2232 resistance level.
