Sat, Jan 16, 2021 @ 03:44 GMT
Home Contributors Technical Analysis Watch For A Possible Reversal In EUR/USD

Watch For A Possible Reversal In EUR/USD

The euro currency remains in an overall consolidation. However, price action is supported by the rising trend line which has held up on previous occasions.

For the moment, a reversal off the trend line could potentially mark a small inverse head and shoulder pattern near the highs.

This could mean that a reversal around 1.1855 could lead to a retest of the recent resistance level near 1.1886.

A successful breakout above this level will push the EURUSD to close firmly above the 1.1900 major resistance level.

Such a move will open up the euro to target the 1.2000 handle next.

At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading