The EUR/USD currency pair has continued its upward movement, rising from 1.0777 to a high of 1.1132 and successfully breaking above the 1.1100 resistance level. This strong performance suggests that further gains are possible, although a minor consolidation may occur first, with the next target around 1.1200.

Here are the key levels to keep an eye on:

Initial Support: 1.1095. If the price drops below this level, it could indicate that the uptrend from 1.0777 is entering a consolidation phase. In this case, the pair may find support at the bottom of the rising price channel on the 4-hour chart.
Channel Support: If the price breaks below the channel support, it could signal the end of the current uptrend.

In summary, as EUR/USD continues to move upward, monitoring these support and resistance levels will be essential for traders looking to make informed decisions in the market.

Franco Shao
http://www.forexcycle.com

© 2024 Copyright Franco Shao- All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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