EURUSD EDGING TOWARDS 1.1600 RESISTANCE LEVEL
The euro continues to edge higher against the greenback on Tuesday, with price fast approaching the key 1.1600 resistance level. The EURUSD pair is moving higher largely due to a technical correction-lower in the value of the US dollar index. Buyers will aim to break above the 1.1600 resistance level, while sellers will look to contain price below the 1.1553 support level.
The EURUSD pair is only bearish while trading below the 1.1600 level, key support is now found at the 1.1553 and 1.1527 levels.
If the EURUSD pair does break above the 1.1600 level, buyers are increasingly likely to test toward the 1.1630 and 1.1650 resistance levels.