EURUSD races above swing space topside goal with little resistance

EURUSD Technical Evaluation: Bullish Breakout Continues Towards Key Resistance

EURUSD is extending its upside momentum, breaking above the important thing swing space between 1.0452 and 1.0467 with little resistance. This breakout has triggered follow-through shopping for, pushing the pair to a session excessive of 1.0494.

The subsequent main resistance stage to observe is 1.05137, final week’s excessive, the place the worth beforehand stalled earlier than reversing decrease. Notably, yesterday’s bounce off the 38.2% retracement of the February vary and the 200-hour transferring common supplied a robust basis for consumers. That profitable maintain has now translated right into a bullish continuation, reinforcing upside momentum.

Key Technical Ranges:

• Resistance: 1.05137 (final week’s excessive)
• Help: 1.0467 – 1.0452 (damaged swing space, now potential help)

So long as EURUSD holds above the breakout zone, consumers stay in management with sights set on a retest of 1.05137.

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



Source link