EURUSD BULLS TESTING FORMER KEY RESISTANCE AREA
The euro currency has moved away from the worst trading levels of the week so far against the US dollar, as the greenback gives back earlier gains. The EURUSD pair has moved back towards the 1.1650 level, which was a key resistance area buyers struggled to break before last Thursday’s strong move higher. Short-term momentum is currently with buyers as the MACD indicator across the one-hour timeframe continue to trend higher.
The EURUSD pair retains a bullish intraday bias while trading above the 1.1600 level, key resistance is found at the 1.1700 and 1.1730 levels.
If the EURUSD pair moves below the 1.1600 level, sellers will likely to test towards the 1.1577 and 1.1528 support levels.