Forex Trading Library

Euro recovers off one-week lows, but downside persists

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The euro currency managed to rebound slightly after trading below the trend line. The rebound saw prices pulling back higher.

Although this should potentially make the case for further gains,  price action in EURUSD remains weak to the upside.

For the moment, EURUSD must trade above the minor support level of 1.0818.

If support holds up, price action could see some near term upside.

This will potentially keep the ascending triangle pattern in play. The resistance level of 1.1000 is the likely target ahead of further gains.

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