The Euro/US Dollar (EUR/USD) pair has been showing interesting price action lately. Let’s break down the recent movements and look at potential scenarios for today’s trading.
Recent Price Action
- Last Friday, EUR/USD found support above 1.0875.
- Upward movement was capped below 1.0905.
- This suggests that after a short-term rise, EUR/USD might continue its downward trend.
Today’s Outlook
If EUR/USD faces resistance below 1.0915 today, we could see a downward movement targeting the 1.0870 – 1.0860 range.
Key Levels to Watch
Resistance Levels
- Short-term resistance: 1.0910 – 1.0915
- Important short-term resistance: 1.0925 – 1.0930
Support Levels
- Short-term support: 1.0870 – 1.0875
- Important short-term support: 1.0860 – 1.0865
Trading Implications
Traders should pay close attention to these key levels. A break above resistance could signal a potential uptrend, while a break below support might confirm the continuation of the downward movement.
Remember to always use proper risk management techniques and stay informed about market conditions before making any trading decisions.