EURUSD – Trading at Multi-Year Resistance & How We’re Trading It | Jun 28
My Current Active Open Trades: NZDUSD, GBPJPY, AUDNZD, EURGBP, EURNOK, EURPLN, USDMXN, CADMXN, AX_UN, ANZ, BMO, CUF_UN, CSE, SBER, FXo EURJPY, FXo EURPLN
EUR/USD – Trading at Multi-Year Resistance (Weekly chart)
After a strong bullish impulsive move this week the EUR/USD now is trading very close to the major multi-year resistance zone mentioned several times in our prior commentaries.
This resistance zone, which starts around 1.1400, should be a very attractive zone for sellers, along with some bulls taking profit at these values. We therefore think there is a solid probability of a strong reaction off this zone.
In case of a successful rejection from this level, the next support levels and potential targets are coming in at 1.1250 & 1.1130.
If the buyers on the other hand succeed to break through this zone to the upside, the MT context will be bullish with fresh resistance will be waiting at 1.1680 and 1.1870.
Meanwhile ST we are bullish on the pair.
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