Will the old support level hold again?


Yesterday EUR/USD broke above the 1.1320 – 40 which has been a support level in the past two weeks. It reached 1.1380s but has turned south after failing twice to break it. Right now the price is in the 1.1320 – 30 region. It is taking its time and looks like there is no rush to break below it. London is closing in 10 minutes so we expect the volatility to decline further. We took a small long down here hoping that the price makes a 20- 30 pips bounce. 

The price is at the resistance level 

ABOUT THE AUTHOR See More
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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