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Euro Likely to Challenge Important Resistance Levels

Euro Likely to Challenge Important Resistance Levels

David Rodriguez, Head of Product


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EURUSD – The Euro has bounced notably off of recent lows and rallies have been met with retail FX trader selling. A contrarian view of herd sentiment gives us reason to watch for continued gains.

The pair will see an important test at major volume-based congestion resistance at $1.10, but a close above would leave little in the way of major resistance until $1.1250.

See next currency section: GBPUSD - British Pound Fails at Key Resistance, Losses Likely

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.