Euro Settles Into A Fresh Two Year High

0 31

The common currency closed the week with one of the strongest gains in over a month, closing at 1.1655. It also marks a fifth consecutive weekly gain.

Looking at the long term charts, price is now trading in the resistance area between 1.1600 and 1.1741.

A weekly close above 1.1741 will confirm further gains. Meanwhile, support to the downside resides at 1.1365.

The strong price action move will be determined by the third rising trend line. A breakout of this trend line will potentially push the euro lower for a correction.

In the short term, watch for a close below 1.1600 that could signal a move to the downside.

Test your strategy on how the euro will fare with Orbex - Open your account now. 

START TRADING

or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.