EURUSD backs off after approaching topside goal. Key assist eyed on the retracement.

The EURUSD surged larger immediately, breaking above each the 2023 swing excessive and the 61.eight% retracement of the decline from the 2020 excessive — a key stage close to 1.1271. That breakout sparked robust upside momentum, sending the pair to a session excessive of 1.1473, simply shy of the swing resistance zone between 1.1482 and 1.1516.

Nevertheless, sellers leaned in opposition to that resistance, and the pair has since rotated again to the draw back.

The present value is buying and selling close to 1.1328, with the current low dipping to 1.1311, bringing it nearer to the damaged 61.eight% retracement and prior 2023 excessive at 1.1271 — now a important assist zone.

What to look at

• Maintain above 1.1271 → Retains bullish momentum intact and validates the breakout

• Break again under 1.1271 → Indicators a failed breakout and opens the door for a deeper pullback towards prior consolidation ranges

The bulls had their shot. To remain in management, they should defend 1.1271 — or threat handing the reins again to sellers.

This text was written by Emma Wang at www.ubaidahsan.com.



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