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EUR/USD is trading above 1.2150, reversing earlier losses stemming from US Treasury Secretary Yellen's comments that higher interest rates are a plus. Tension is mounting ahead of the ECB and US inflation figures.
The currency pair is capped by a downtrend resistance line that was formed in early June and dropped under the critical barrier of significant support resistance level below 1.2180 on the four-hour chart. With downside momentum also pressuring the pair, bears are taking the lead.
EUR/USD is now trading at a confluence level of Fibonacci retracement if 1st-4th June bearish move. If this level enables the bears to prevent a further upside, then the price could retest a previous swing low. Alternatively, if a breakout occurs, EUR/USD could revisit June high.
Some support awaits at 1.2100, a swing low from late May, a clear separator of ranges that is the current monthly low. The next levels to watch are 1.2070 and 1.2015.
Some resistance is at 1.2185, Friday's peak, followed by 1.220 and 1.2155, which held EUR/USD down in the past week.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।