EURUSD profit taking possible
The euro is attempting to break above the current weekly high against the US dollar, following yesterday’s explosive move to the upside. The EURUSD pair risks moving sharply lower over the next few days if traders start to book profits from the 1.1500 to 1.1600 area. The 1.1200 level is seen as a possible technical area that the EURUSD pair could retrace back towards if the 1.1350 support level is breached.
The EURUSD pair is only bullish while trading above the 1.1350 level, key resistance is found at the 1.1500 and 1.1600 levels.
The EURUSD pair is bearish while trading below the 1.1350 level, key support is found at the 1.1260 and 1.1200 levels.