@FXSITS Traders. Today we follow up on the EURUSD price action . Last week we wrote about the pair finding support at level 1.16617.In that period we also set level 1.18052 as a target area . The link below can be used as reference to last week’s analysis. https://fxsits.com/the-eurusd-currency-pair-signals-bullish-reversal/ .
In today’s price action we’ve seen how the EURUSD price action acts and trades above the mentioned Resistance level. Price has broken past the level and currently holds above it. The pair currently shows potential of reaching the next target level 1.19084 .This level may act as our next Resistance level. Only if price closes above the recent resistance level. If the pair move’s and breaks past the resistance level 1.19084 .Then level 1.19776 will be exposed. However, if we see price close below the resistance level at the end of the day. Then, we may see price move back to is recent support level 1.17069 thus exposing the major support level 1.16617.
Our analysts at Fxsits still believe buyers will be pushing the market bullish. The EURUSD pair has been bearish for some months now.Too much money printing to support the US economy will weaken the dollar value and give way for the G10 currencies to gain strength more over the long run. We need patience and wait for price action to take course before we open any position.
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