EUR/USD Stretches to the Upside but Now Facing Resistance

EUR/USD has retraced lower in the previous two months, but it reversed early this month and entered the uptrend again. Although, it faced resistance last week right around where we are now in the 1.1860-80 region. The sellers managed to push lower for the rest of last week, but the 20 SMA (grey) provided support on the daily forex chart and this week EUR/USD started to climb higher again.

Today, the buyers are still pushing higher as the USD continues to slide. The 20 SMA helped EUR/USD buyers again today as it provided support, but this time it was on the hourly forex chart.     

It will be interesting to watch whether the buyers can take out this resistance level today.

But now, those buyers are facing that area again. The buyers pushed higher this morning, but it seems like they stopped pushing right here. In fact, this resistance area stretches up to 1.19, so it will be a tough couple of hours for buyers as long as the price is around here.

If they break the resistance and manage to push above 1.19, then 1.20 won’t be that far. If that happens, I will get prepared for a long-term sell signal between 1.20 and 1.21. Let’s see if the bulls can push above 1.19 today.    

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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