The EURUSD pair has extended its overnight trading gains during today’s European session, hitting 1.1844, as the single currency stages a relief rally after the Catalan government opted to enter into further dialogue with the Spanish government.

Sentiment surrounding the EURUSD today is bullish while the pair continues to hold price-action above the key 1.1800 handle. The euro continues to drive higher, as financial markets remain complacent towards political risks in Spain.

- advertisement -

The euro has pulled back from its weekly price-high, at 1.1844, and is currently holding price-action above the 1.1800 level, at 1.1820.

Technically, the EURUSD pair is now trading within a bullish inverse head and shoulder pattern on the lower time-frame price-charts, with an upward price projection of 180 pips.

Any technical corrections lower on the EURUSD pair should find support from the 1.1800 and 1.1795 level. Below the 1.1795 level, a deeper pullback towards support at 1.1770 and 1.1740 may take place.

To the upside, key technical resistance is found at the pairs 50-month moving average, at 1.1829 and the recent swing-high, at 1.1844. Once above 1.1844, further resistance is found at 1.1858, 1.1875 and 1.1910.


Please enter your comment!
Please enter your name here