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.

Orbexhttp://www.orbex.com/en/agent/cl/ccc678cb86b9
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