HomeContributorsTechnical AnalysisEUR/USD Remains Glued To Resistance Zone At 1.1730

EUR/USD Remains Glued To Resistance Zone At 1.1730

The EUR/USD is unable to break above the major resistance zone (red lines) at 1.1730, which is a key bounce or break zone.

The EUR/USD bearish breakout below the support trend line (blue) could see price fall back towards the Fibonacci retracement levels of wave B vs A. A bullish breakout could see price move higher towards 1.18 and 1.20 target areas.

The EUR/USD made a bearish bounce at the resistance zone which could confirm the expected wave B (green) pattern. Price however will need to break below the support trend lines before a larger wave C can be expected. A break above the resistance zone (red) could indicate an impulsive uptrend continuation.

Elite CurrenSea Accessible Forex Trading Systems & Education With over 30 years of combined trading experience, we design, test, and provide successful Forex, CFDs & Crypto trading systems and solutions for retail and institutional traders alike.

Featured Analysis

Learn Forex Trading