The 1.05 Level in EUR/USD Survives the First Attempt

EUR/USD is down, USD/JPY is up, the correlation is completely lost and it has turned into a negative correlation now. The strange price action continues, or perhaps the market has changed, it too soon to tell. 

Fortunately for us, this latest jump in EUR/USD has pushed AUD/USD higher as well. We opened a buy forex signal in this pair a while ago at the 50 SMA on the hourly chart and it's going well at the moment. 

Actually, the 1.05 level in EUR/USD was pierced for a short period but it doesn't count since the price didn't close below it on the H4 or even H1 chart. We're now testing the 50 SMA on the H1 chart which is providing resistance. Let's see if sellers will have another go at the 1.05 support level or if they will break it this time. 

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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