Forex Trading Library

Can EURUSD establish support at 1.0950?

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The euro currency broke out past the resistance level of 1.0950 into Friday’s close.

Price action advanced slightly higher to highs of 1.0951 before retreating.

The current retracement will see EURUSD falling back to the 1.0950 level. If support forms here, then we expect the bullish momentum to resume.

The upside target of 1.1055 – 1.1030 will be the next main target levels, followed by a likely move higher toward the 1.1200 handle.

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