EURUSD - Hit a resistance

Razvan Mihai

Analyst

The EURUSD had a rally over the Asian trading session. It hit a daily high at 1.1297. On a 60 minute chart a Shooting Star candlestick pattern can be observed. The current scenario could signal a drop for the European single currency towards the next local support from 1.1242.
Even though the probability is higher for the price to return to lower levels, traders should pay attention to the upcoming economic releases comming from the Euro Area. Above expectation releases could trigger another rally for the Euro. In this case a break above 1.1309 would signal an invalidation of the current down trend. 
The EURUSD had a rally over the Asian trading session. It hit a daily high at 1.1297. On a 60 minute chart a Shooting Star candlestick pattern can be observed. The current scenario could signal a drop for the European single currency towards the next local support from 1.1242.
Even though the probability is higher for the price to return to lower levels, traders should pay attention to the upcoming economic releases comming from the Euro Area. Above expectation releases could trigger another rally for the Euro. In this case a break above 1.1309 would signal an invalidation of the current down trend. 
The EURUSD had a rally over the Asian trading session. It hit a daily high at 1.1297. On a 60 minute chart a Shooting Star candlestick pattern can be observed. The current scenario could signal a drop for the European single currency towards the next local support from 1.1242.
Even though the probability is higher for the price to return to lower levels, traders should pay attention to the upcoming economic releases comming from the Euro Area. Above expectation releases could trigger another rally for the Euro. In this case a break above 1.1309 would signal an invalidation of the current down trend. 
 

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