EURUSD trades within a rangebound unifying zone near 1.1300 level

At the early stages of the week regarding last Friday’s modest retracement, EURUSD is battling for trajectory in the 1.1300 regions. The FX pair triggered a reversal lower to the sub-1.1280 level after reaching fresh 3-month highs close to 1.1400 level on Friday where it appears to have reached reasonable contention as of now.

Key Levels
Resistance Levels: 1.1569, 1.1495, 1.1400
Support Levels: 1.1257, 1.1055, 1.0635

EURUSD Long term Trend: Bullish
The pair is currently declining 0.16 percent at level 1.1274 and a level underneath 1.1257 support may aim 1.1236 level heading to level 1.1183. On the upside, the initial resistance coincides at level 1.1366 (high), seconded by level 1.1458 (high) and eventually, level 1.1495 (high).

Nevertheless, a continuous breach of 1.1495 level may argue that such a downward trend is over. And then, a growth from level 1.0635 may be seen as a third stage of the trend from level 1.0339. In this scenario, the trend may be altered to bullish for a 1.2555 level retest.

EURUSD Short term Trend: Bullish
Intraday bias in EURUSD stays bullish for consolidation beneath a temporary top level of 1.1366. So yet another rally is in progress as long as 1.1183 minor level of support holds. A test at the main resistance level of 1.1495 may aim beyond the 1.1366 level. However, a breach of a 1.1183 level may suggest a short-term downside topping bias.

Besides that, due to the support area established by the confluence zone at 1.1146, the recent resistance at 1.1366 level, the horizontal support levels in the 1.1183/1.1257 range, it is doubtful that any downside potential may prevail in the market.
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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.