EURUSD at fresh two-year highs

The greenback came under renewed selling pressure today, and the EURUSD pair rose 0.75% to trade at fresh cycle highs above 1.1950. These prices were last seen in May 2018.

Also, it is now likely the pair will tag the psychological resistance of 1.20 very soon. 

Therefore, this is the first significant resistance. If the euro rises above it, the long-term uptrend would be confirmed, potentially leaving space to another leg higher toward 1.25.

From an intraday perspective, the 1.20 level should be enough today as the pair is already nearly one percent higher. However, if further bullish pressure appears, the euro might appreciate toward 1.2020.

On the other hand, the critical support level is now at previous cycle highs of 1.1910/20, and the euro needs to stay above this support to remain in an immediate bullish trend. 

Should the pair drop back below this support, it will most likely be a false breakout, which then could be a bearish reversal formation, targeting the 1.18 level.
Cookie Policy: The Axiory website uses cookies and by continuing using the website you consent to this. Risk Warning: Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Please read the full Privacy Policy.