Forex Trading Library

Euro Resumes Gains Following Trend Line Support

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The euro currency closed on the higher side on Friday, following a flat close on Thursday. The gains come as the rising trendline sees a lot of activity.

Price action is finding support off the rising trend line, pushing prices higher. The current pace of gains could see the euro testing the 1.2000 level of psychological resistance as a result.

Following the breakout above 1.1900, there was no support tested here. Therefore, we could see a short term retracement back to this level.

If the EURUSD tests the support near 1.1900, then we could see prices potentially breaking past the 1.2000 resistance level.

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