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Euro / U.S. Dollar
Long

EURUSD → Resistance Retest. A rebound or a breakthrough?

By RLinda
Updated
EURUSD is testing the resistance of the local correction, and instead of the expected rebound, I am waiting for an attempt of a breakout with the aim of further growth to 1.12757 on the background of the expected fall of the dollar....

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There is important news ahead that traders have been waiting for months. A rate cut. And the question is no longer “when?”, but “by how much?”. 25 basis points or 50 ... But before that traders will have to endure Retail Sales, CPI, FOMC, which may also have an impact on both the market and the Fed.
Technically, the focus is on the resistance of the range, 1.112. The market is likely to fight for this zone, a correction is possible, but a gradual retracement and retest will increase the chances of a breakout. If the bulls hold 1.112, it will open the way towards ATH!

Resistance levels: 1.112, 1.12
Support levels: 1.1099, 1.1072

Globally the trend is bullish, on D1 the price is coming out of the correction phase and continues the upward movement. The news may have a big impact on the market, which will shape both medium and long term prospects... Targets are indicated on the chart

Rate, share your opinion and questions, let's discuss what's going on with ★ EURUSD ;)


Regards R. Linda!
Trade active
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Trade active
Traders are testing resistance and trying to consolidate above the key zone...
Trade active
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Trade active
Consolidation above key resistance is forming
Trade closed: target reached
Target 1 reached!
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Ascending ChannelAscending TriangleChart PatternsDescending ChannelFibonacci RetracementFLAGFundamental AnalysisSymmetrical TriangleTrend AnalysisTrend Line BreakZigzag
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