Forex Trading Library

Euro rebounds, but can it break the technical resistance?

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The euro is up over 0.75% on the day on Monday. The gains came steadily during the course of the day.

The currency pair is attempting to rise to a three day high, but a lot will depend on how prices close towards the end.

For the moment, the EURUSD will be struggling near the resistance level of 1.1256. A breakout above this level could potentially send the common currency higher.

However, if the EURUSD fails near this technical resistance, we expect the recent declines to resume.

Of course, a lot will depend on whether price can break past the previous lows at 1.1170 in order for a move to the lower support area at 1.1132.

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