EUR/USD Eyeing Key Resistance Zones for Breakout
EUR/USD has been on a steady upward trajectory, supported by a clear trendline that has provided consistent buying interest. The current structure indicates a potential bullish continuation after a brief consolidation or pullback.
The pair is now targeting key resistance levels at 1.09012 and 1.09365. The first challenge for the bulls is breaking through 1.09012, a strong resistance that has been tested previously. A successful breach of this level could lead to a rapid move towards the major resistance at 1.09365.
The chart suggests that any retracement towards the trendline or the dashed horizontal support will likely attract more buyers, offering a high-probability setup for further upside. Should this retracement occur, buyers might seek opportunities near 1.08552 before attempting another push higher.
If the price breaks above 1.09365, we could see a continuation of the broader bullish trend, potentially heading towards 1.1000 or higher. However, failure to maintain the upward momentum around these key resistance levels could lead to a deeper correction.
We should watch for price action around 1.09012 for confirmation of a breakout, while keeping an eye on the trendline as a guide for support.
The pair is now targeting key resistance levels at 1.09012 and 1.09365. The first challenge for the bulls is breaking through 1.09012, a strong resistance that has been tested previously. A successful breach of this level could lead to a rapid move towards the major resistance at 1.09365.
The chart suggests that any retracement towards the trendline or the dashed horizontal support will likely attract more buyers, offering a high-probability setup for further upside. Should this retracement occur, buyers might seek opportunities near 1.08552 before attempting another push higher.
If the price breaks above 1.09365, we could see a continuation of the broader bullish trend, potentially heading towards 1.1000 or higher. However, failure to maintain the upward momentum around these key resistance levels could lead to a deeper correction.
We should watch for price action around 1.09012 for confirmation of a breakout, while keeping an eye on the trendline as a guide for support.
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