HomeContributorsTechnical AnalysisEUR/USD Breaks Resistance

EUR/USD Breaks Resistance

The US dollar retreats as the market awaits Fed Chair Jerome Powell’s testimony before Congress. A break above the first resistance of 1.0640 eased some of the downward pressure. Then the bulls managed to lift offers in the supply zone of 1.0690 from a previously faded rebound, opening the door for an extension to the previous spike at 1.0760. 1.0620 is a fresh support should the single currency need to consolidate its gains. 1.0550 is key in keeping the current bounce valid or a new round of sell-off could be triggered.

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